Word: caspian
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Dates: during 2000-2009
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...Azerbaijan, Georgia and Turkey looks like little more than a jumble of hills and farming towns. But for the engineer, 41, what lies underground has rocked his world: a new 1,100-mile oil pipeline, which in recent months has tied this tiny country on the edge of the Caspian Sea to the huge Western market. "There is a lot of oil and a lot of money," says Mirza, who spent 14 years earning about $10 a month working on a creaking old Soviet oil rig. "And because there is a lot of money, our lives will surely improve...
...Hess. By spring, about 1 million bbl. a day will move down the pipe, and BP could increase that soon after to about 1.5 million bbl. a day. A parallel BP pipeline opened last month to send hundreds of billions of cubic feet of natural gas from the Caspian to Western Europe, in order to break the Continent's overwhelming reliance on Russia...
...countries and the global oil companies, the benefits are so compelling that they trump politics and old ethnic rivalries. The Caspian's oil and natural gas reserves, which some estimates have put as large as 200 billion bbl. (vs. 260 billion in Saudi Arabia), could deliver economic independence to the South Caucasus region and energy independence to the West. "This is about diversifying energy supplies," says Michael Townshend, a BP executive who ran the project in Baku until last year. "It is not from the Middle East and it is not from Russia...
...desk. He is the aging first vice president of the State Oil Co. of Azerbaijan and spent decades as a Soviet official. The country's best shot at breaking Russia's grip is BP's parallel gas pipeline, which in December began transporting gas from Azerbaijan's massive Caspian Sea gas field named Shah Deniz. "I see it now," says Yusifzadeh, looking at a wall map of the Caspian Sea in his office. "A photo of Shah Deniz with the caption: THIS IS THE PLACE THAT MADE AZERBAIJAN INDEPENDENT OF RUSSIA...
...sees its alliance with a republic of just 8.4 million people--about the same population as New York City--as key to securing energy supplies at a time when China and the rest of Asia are competing for new sources. The Caspian, which is largely unexplored, probably accounts for 7% of the world's oil reserves, and the oil flowing through the new West-bound pipeline still represents a mere 1% of global supply. But ultimately some of the gas from Khazakstan and Turkmenistan's much larger natural-gas fields across the Caspian from Baku could flow through...