Caspian Sea breakthrough treaty set to boost oil, pipeline plans

The territorial disputes have prevented the exploration of at least 20 billion barrels of oil and more than 240 trillion cubic feet of gas, according to a report

Five Caspian Sea states reached a breakthrough agreement on sovereign rights to the sea, paving the way for new oil and gas extraction -- and pipelines -- after more than two decades of disputes.

The treaty ends a spat over whether the Caspian is a sea or a lake, granting it special legal status and clarifying the maritime boundaries of each surrounding country. It also allows each to lay pipelines offshore with consent only from the neighbouring states affected, rather than from all Caspian Sea nations.

“Many years of thorough work have culminated today (Sunday) in the signing of the Convention on