Who Owns the Oil in the Caspian Sea

Who Owns the Oil in the Caspian Sea

Whenever oil is discovered, conflict among countries tends to follow! This is one of the many reasons that U.S. based oil companies like Triple Diamond Energy Corp. continue to discover and drill for new oil sources in the U.S. In places where offshore oil is found in waters that many countries border, there is certain to be disputes over who can claim the oil. One such example of this is taking place now in the Caspian Sea.

The Treasures Below the Caspian Sea

The largest body of inland water in the world can be found in the form of the Caspian Sea. This beautiful sea is essential for trade to the countries that border it including Russia, Kazakhstan, Iran, Azerbaijan, and Turkmenistan. Much of the caviar enjoyed the world over is obtained from the sturgeon that live beneath the surface of the Caspian Sea. Still further beneath the Caspian Sea lies an even more sought-after resource – oil.

5 Nations, One Sea

The five nations that border the Caspian Sea have interests in the development of the large body of water. In 2003 Russia, Azerbaijan, and Kazakhstan agreed to share 64% of the northern sea and the oil beneath it. Azerbaijan and Kazakhstan have enjoyed a 70% increase in oil production as a result of increased oil exploration.check more info from http://www.nytimes.com/2015/12/08/world/asia/caspian-sea-oil-rig-fire.html?_r=0

A Temporary Solution

Many have speculated that the Caspian Sea holds up to 200 billion barrels of oil beneath its surface, making it one fourth of the planets oil reserve. In terms of dollars, the oil underneath this large sea amounts to more than ten trillion dollars. Controversy and unrest has risen when the Soviet Union dissolved and the new states born from it refused to acknowledge the ancient treaty that divided the sea between Russia and Persia. To avoid conflict, a temporary solution was reached that divided the region five ways so that each nation could continue exploration and extraction.

Who Owns the Oil in the Caspian Sea

Several oil fields that are shared between the countries have caused disputes. Several times, disagreements over exploratory rights of fields have led to violence. Problems often arise when one country feels that another is pumping more than its share of oil from a shared oil field.check this news right here!

As long as the sea remains a source of enormous profit, disputes are sure to continue. No country is going to give up its right to a share of 25% of the world’s supply of natural gas. Companies in the United States like Triple Diamond Energy Corp. remain aware of the disputes and the attempts at resolution that take place. The outcome of these disputes and resolutions could eventually affect the entire world since many countries import natural resources from this region.

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