Caspian upstream: 5 things to look for in 2025

The Caspian upstream sector approaches 2025 in need of a reset. Delays to project approvals and start-ups have depressed the region's capex outlook. E&A activity has nosedived as investment has flowed to lower-risk regions.

But could 2025 be a turning point? First oil from Chevron's mega-expansion at Tengizchevroil will underscore the sheer scale of production possible from the Caspian's world-class resource base.

Across the region, big decisions are needed to seize upstream opportunities and advance a promising cohort of projects to FID.

Powered by Lens Upstream, we share our view on the key themes to watch in 2025, including:

• Liquids output: which projects will drive Kazakh production growth?
• Investment: what FIDs need to happen to boost the region's outlook?
• Gas marketing: where can Caspian countries diversify exports?
• And more. 

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