Insight
Caspian upstream 2016 in review: a headline-grabbing year
Report summary
The low oil price made 2016 a challenging year for economies and currencies dependent on hydrocarbon exports. The low oil price weakened foreign exchange rates and kept investment levels low. However, 2016 was also a landmark year for securing long-term oil supply. Kazakhstan hosted the largest FID of the decade, with a US$37 billion expansion at Tengiz. All eyes are now on Kashagan as production restarted. An essential contract extension at Azerbaijan’s Azeri Chirag Guneshli PSC concluded an eventful year for the Caspian.
Table of contents
- Executive summary
- Key steps at Caspian megaprojects help to secure long-term oil outlook
- Gas is top priority in Azerbaijan
- Caspian lags behind on cost deflation
- Turkmenistan gas export options diminish
- Kazakhstan incentivises struggling oil producers
- Caspian welcomes new entrants
- Mixed fortunes for Caspian gas-feed projects
- A year of milestones despite challenging environment
Tables and charts
This report includes 5 images and tables including:
- Caspian upstream: key events in 2016
- Kazakhstan liquids production, 2010-30
- Azerbaijan liquids production, 2010-30
- Y-o-Y lifting cost change at selected Kazakh assets (US$/boe terms)
- Caspian corporate activity: 2016
What's included
This report contains:
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