Caspian Energy Project
Foreign investor development of oil production in the Caspian Sea cannot proceed unless and until the means for moving this oil to markets are in place. Final route selection will reflect political considerations as much as economic justification. Foreign governments and private sectors alike are following the pipeline route selection negotiations with great interest. For interested parties to be able to make informed judgments, a clear understanding of all the issues on the table is essential. Unfortunately, the reliability of available information does not always match its abundance.
To bridge this gap, the Energy Security and Climate Change Program began the Caspian Energy Project in Spring 1994. The group focused on foreign investor developments in oil production and export in the Caspian Sea littoral states, the Transcaucasus and Central Asia, with emphasis on the current political and economic climate. Under the joint direction of Bob Ebel, director of the Energy Security and Climate Change Program, and Bulent Aliriza, director of the Turkey Project, the group examined recent events and trends in the Caucasus and Central Asia and evaluated the possibilities for oil exploration, production, and export in the region. Members of the group included high-level officials from the private sector, foreign governments and embassies, U.S. government offices, and independent agencies. The Caspian Energy Project invited speakers with expertise in politics, economics, and industry to discuss the challenges foreign investors face in the region.