The Caspian Sea is one of the world’s largest and oldest oil and gas producing regions. During the Cold War, the hydrocarbon-rich area was Soviet-controlled as the vast majority of the reserves were located in the Soviet Union. Since the breakup of the communist state, international companies have flocked to the newly independent countries such as Azerbaijan and Kazakhstan. Of the littoral states, Turkmenistan has by far the largest reserves when it comes to natural gas. Geographic isolation and animosity with Azerbaijan long prevented the export of gas to customers in Europe.
Recently, however, relations between Ashgabat (Turkmenistan) and Baku (Azerbaijan) have improved as the countries signed an agreement to jointly develop a shared natural gas field. While the size of the field isn’t a game-changer, the renewed cooperation between the countries could be. Turkmenistan has the world’s fourth-largest gas reserves at 19.5 trillion cubic meters and 10 percent of the global total. It includes Galkynysh with 2.8 trillion cubic meters which is one of the world’s largest gas fields.
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Source: Oil Price