The Wall Street Journal | Ann M. Simmons and Benoit Faucon: Leaders of five Caspian Sea nations signed an agreement that aims to settle a longstanding dispute over ownership of oil and gas reserves on the landlocked body of water.

Caspian reserves as of 2012 were estimated at 48 billion barrels of oil and 292 trillion cubic feet of natural gas, said the Energy Information Administration, a branch of the U.S. government, indicating that Sunday’s deal could trigger a surge in exploration and the construction of new pipelines.

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