ECONOMY
ATON CAPITAL PRESENTS NEW INVESTMENT OPPORTUNITIES IN THE CASPIAN OIL SECTOR
With oil prices heading towards historical highs, the Caspian region is poised
to play an important role in meeting energy demand. Caspian oil and gas
reserves represent almost 5% of the world's total, and are largely underdeveloped.
At current production rates, the estimated oil reserves of Kazakhstan and Azerbaijan
would last close to 100 years.
According to research published by Aton Capital Group this month, total regional
production is forecast to double by 2010 from 1.5 million barrels per day to 3 million
barrels per day. The five largest Caspian projects account for 32% of the total
new reserves the global oil industry plans to put on stream in coming years to
replace the declining output at legacy fields.
As Steven Dashevsky, Head of Research at Aton Capital, points out "Caspian
oil producers, on average, boast extremely low operating and F&D costs making
them some of the lowest cost producers in the world on a full cycle basis. Relative
to their Russian peers, Caspian oil companies have better exploration and production
economics.
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