Hydrocarbon Potential of the Mediterranean Black and Caspian Seas Regions

Abstract

The main purpose of this study is to make the present-day assessment of hydrocarbon potential (incl. production, reserves, resources, consumption and transport infrastructure) in the pointed three regions (Figure 1) and their importance for Europe. In a global scale the hydrocarbon potential of the Mediterranean (southern part) and the Caspian regions are of significance for the future oil and gas supply. The northern part of the Mediterranean region and the Black Sea region are predominant consumers. A well developed infrastructure for transporting of oil and gas exists; also several new projects are under construction or in consideration. There is a potential for non-conventional oil and gas. Future exploration potential mainly linked with the offshore areas. At present it may be underestimated for the Black Sea and Mediterranean regions (especially in the deepwater areas). The deepwater hydrocarbon exploration in the Black Sea is very promising frontier for future exploration and this region is very important for future transit of gas and oil from Russia and Caspian region to Europe.