Name: Caspian upstream 2016 in review: a headline-grabbing year
Brand: Wood Mackenzie
SKU: 59536
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 12 January 2017

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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.

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 the following images and tables:

Caspian upstream: key events in 2016Kazakhstan liquids production, 2010-30Azerbaijan liquids production, 2010-30Y-o-Y lifting cost change at selected Kazakh assets (US$/boe terms)Caspian corporate activity: 2016