Caspian oil extraction to hit 200 million tons a year by 2020

Oil extraction in the Caspian Sea region will reach some 200 million tons a year and gas extraction around 270 billion cubic meters, a Russian energy ministry official said at an energy conference in Moscow on Wednesday. “At the moment in the Caspian Region 3% of the world’s oil and 5% of its gas is extracted,” Mikhail Pleshkin, deputy head of the Russian Ministry of Energy’s international cooperation said. “Six new fields have been opened with total possible reserves of over 1 billion tons of fuel,” he added.