ABSTRACT
The extent of the Caspian basin’s reserve base is still unknown, in that the era of post-Soviet exploration is only just starting to yield results in terms of proven additions to previously identified reserves of oil and gas. But it is possible to make some reasonable estimates that the oil and gas resources of the Caspian region are significantly higher than those of the North Sea, and may even be double those of the North Sea, while falling far short of those in the Persian Gulf. At some 40-60 billion barrels, the Caspian would possess between 4 and 6 per cent of world proven recoverable oil reserves, currently estimated at 1050 billion barrels.1
