Caspian region to play a key role in the world's oil production - Richard Jones
19:11, 19 June 2013
ATYRAU. June 19. KAZINFORM "The Caspian Region in the perspective will be play a significant role in the world oil production," deputy chief of the International Energy Agency (IAE) Richard Jones said at the III International Oil and Gas Conference "The Caspian Shelf Development " that has started its work in Atyrau today.
According to him, it will demand vast investments and efforts, that is why the governments of the Caspian countries should provide transparency and contracts' immunity.
In addition, Richard Jones informed that the regional production will remain at the level of 2.93 million barrels per day.
Since, when the Kashagan oilfield starts to produce the planned volume of 400 thousand barrels per day, other oil fields will reduce production. Thus, the Kashagan oil will substitute the oil from onshore oilfields.