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An Analysis on Present State of the Oil and Gas Reserves and Development, Azerbaijan  

Kil, Young-Woo (Korea Institute of Geoscience and Mineral Resources (KIGAM))
Park, Myong-Ho (Korea National Oil Corporation (KNOC))
Lee, Seong-Hun (Korea National Oil Corporation (KNOC))
Shin, Hong-Ja (Korea Institute of Geoscience and Mineral Resources (KIGAM))
Publication Information
Economic and Environmental Geology / v.41, no.5, 2008 , pp. 617-624 More about this Journal
Abstract
Azerbaijan, located on western part of Caspian Sea, has been developed oil and gas exploration and production business from about 200 years ago and once charged of 50% of world oil production in the early 20th century. After Azerbaijan was independent of Soviet Union in 1991, foreign oil companies, including Korean oil companies, have been investing in Azerbaijan oil business on offshore blocks. Productive capacity of downstream in the Azerbaijan is lower than productive capacity of upstream, whereas there are important pipelines, such as BTC, SCP, NREP, and WREP, provide opportunities of the oil and gas exporting to the world. Oil fields in onshore blocks in the Azerbaijan are almost mature oil fields, caused by high recovery rate. Offshore oil blocks are still high potential in oil exploration with high risk.
Keywords
Azerbaijan; oil; gas; exploration;
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  • Reference
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