North Caspian Oil Company (NCOC) is reported to have extracted the first oil from Kashagan field yesterday. Kashagan represents estimated reserves of 35 billion barrels (bbls) of oil in the vastly oil and gas rich Caspian Sea.
"Italian energy company Eni SpA (ADR) (NYSE:E) (BIT:ENI), in charge of the start of production, said initial Kashagan operations would give up around 180,000 barrels of oil per day and eventually ramp up from there," reported OilPrice.
Oil and Gas reserves in Caspian sea
The U.S. Energy Information Administration (EIA) places the potential...


