Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Kazakhs Upbeat on Oil

ASTANA, Kazakhstan -- Kazakh President Nursultan Nazarbayev said Tuesday he had "good news" from the Caspian shelf where a consortium is drilling into what could be the world's largest offshore oilfield.

Nazarbayev added that the drilling operation could boost the Central Asian state's oil output by several times.

The drilling is being conducted by the Offshore Kazakhstan International Operating Co., a group uniting some of the world's largest oil firms. The group is in the final stage of drilling, with results expected by the middle of the year.

Initial tests indicated possible hydrocarbon reserves of 4 billion tons.

The United States is closely watching the project because a big oil find would boost the chances of a proposed U.S.-backed pipeline from Baku, Azerbaijan, to the Turkish port of Ceyhan.