Africa and the Caspian Sea region, it figures, can supply it with about 1.6 million barrels a day of oil in a few years, compared with worldwide liquids production (crude and natural gas condensates) of 2.5 million barrels a day last year.
The deal, expected to be signed in April, would involve drilling rights and oil refining in Siberia and possibly near the Caspian Sea and on Sakhalin Island.
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Located in the Caucasus region, Georgia is essential for gas and oil pipelines running from the Caspian Sea to the west, and therefore is strategically important for both Russia and the west.
As for many Egyptian contractors, its biggest cash cows are the oil monarchies of the Persian Gulf, but Maridive also operates in places such as the Caspian Sea and the Gulf of Mexico.
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The company was founded in 1976 and has operational bases in the UK, Middle East, the Netherlands, Caspian Sea, Brazil, West Africa and the Gulf Coast of the United States.
But since the break-up of the Soviet Union, it's been eyeing a potential new source of oil and gas -- the Caspian Sea.
The country has been unable to benefit fully from its gas and oil deposits because of an absence of export routes and a dispute between the Caspian Sea littoral states over the legal status of offshore oil.
For years, ecologists have given warning that the development of Kazakhstan's oil deposits in the Caspian threatens the sea's flora and fauna.
It flew only a few feet above the water and was a familiar Cold War sight flying over the Caspian Sea.
The oil and gas industry has also prevailed in Russian policy towards the Caspian Sea.
Mr Eizenstat was giving testimony to a Senate Foreign Relations Committee hearing investigating the Caspian Sea area and US policy towards it.
Last year, however, a consortium led by BP opened a huge pipeline between Baku, on the Caspian Sea, and the Turkish port of Ceyhan.
The overnight train from Baku to the southern border town of Astara leaves at 11pm and makes its way slowly south, along the coast of the Caspian Sea.
If fully realised, these additions could exceed the capacity of the Caspian Pipeline Consortium's first- and second-phase pipelines to the Russian Black Sea coast.
So, look for energy resources to be coming from offshore Greenland, central Sub-Saharan Africa, Brazil, the North Sea, North Africa, Southeast Asia, Eastern and Western Siberia and the Caspian says Schlumberger.
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It was seen as a spectacular Italian coup when Eni became operational leader, but the thanks to a poor infrastructure for exploration in the northern Caspian sea, costly regulations about the burning off of gas at oil wells, and the rising costs of oil extraction, production was slowed and costs overrun.
The Caspian Pipeline Consortium (CPC), a venture involving Western corporations along with Kazakstan, Russia and Oman, will carry oil west, north of the Caspian Sea.
At night Baku is ablaze with amazing lights - not least from the Eurovision venue, The Crystal Hall, which is living up to its name and shining into the night sky like a beacon by the Caspian Sea.
And there is a chance, at least, that Mr Khatami and Mr Putin will use their forthcoming meeting to reach an agreement on how the Caspian Sea itself should be shared among its five littoral states.
Oil in the Caspian region is now channeled principally through pipelines to Russian Black Sea ports, and Moscow wants to keep it that way, because that means it controls the flow.
The rivalry between this and Europe's alternative plan - the Nabucco pipeline - is one of the most intense in the Caspian Sea region.
Washington has a strong interest in stability in the Caspian Sea nation, which sits at a strategically vital point between Iran, Russia and Turkey.
C. lawyer who helped write the 1977 law as a Carter Administration official and now serves on a committee that oversees sales generated by the Baku-Tbilisi-Ceyhan pipeline from the Caspian Sea.
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