The Caspian Sea region is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production. EIA estimates that there were 48 billion barrels of oil and 292 trillion cubic feet (Tcf) of natural gas in proved and probable reserves within the basins that make up the Caspian Sea in 2012. It’s estimated that the Caspian Sea region produced an average of 2.6 million barrels per day of crude oil and lease condensate in 2012, around 3.4% of the total world supply.
Central Point Energy´s block in the Caspian Sea, covers an area of approximately 87 square kilometers and comprises three offshore oil and gas fields, in water depths of between 12 and 60 meters.
The Caspian Sea block was acquired by Central Point Energy in 2009, and went fully into production in May of 2011. The totalproved plus probable (“2P”) reserves for the block is 71,7 million barrels of oil equivalent (“mmboe”). The latest platform (third) was culminated in 2013, but is still undergoing technical improvements to perform at full capacity. The average production for the Caspian Sea block at December 31st 2016 was 38,703 boe/d. Total output for 2018 is expected to increase a 12.8%.
Turkmenistan is a country in Central Asia of 488,100 km2, bordered by Afghanistan to the southeast, Iran to the southwest, Uzbekistan to the northeast, Kazakhstan to the northwest and the Caspian Sea to the west. Turkmenistan possesses the world's fourth-largest reserves of natural gas after Russia, Iran and Qatar as well as substantial oil resources.
Oil production from Turkmenistan has increased gradually since 2007 and is highly dependent on new investment and technological capacity to bring new fields online as well as resolving Caspian Sea maritime boundary disputes. The Turkmen shore along the Caspian Sea is 1,768 km long. Since 2007, the Turkmen government began engaging with several foreign oil companies to develop Turkmenistan’s part of the Caspian shelf.