Signing of Convention on Legal Status of Caspian Sea a 'Landmark Event'
The signing of a convention on the legal status of the Caspian Sea is a “landmark event” for Iran, Azerbaijan, Russia, Kazakhstan and Turkmenistan, but “the immediate impact on energy projects in the region is likely to be limited,” according to Camilla Hagelund, principal central Asia analyst at Verisk Maplecroft.
“Verisk Maplecroft does not expect notable progress on a trans-Caspian gas pipeline to be forthcoming,” Hagelund said in a statement sent to Rigzone.
“The convention clarifies that pipelines are an issue for bilateral negotiation between the countries whose territory it crosses. However, a parallel environmental pact implies that other littoral states can object to infrastructure projects on environmental grounds,” Hagelund added.
“Clarification on the lawfulness of pipeline construction only serves to bring the commercial challenges of the project into the spotlight,” the Verisk Maplecroft representative continued.
Reuters reported Friday that Iran, Azerbaijan, Russia, Kazakhstan and Turkmenistan, which border the Caspian Sea, will adopt a convention on its legal status on Sunday August 12, citing a Kremlin statement.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension