Caspian upstream: 2017 in review Report

Insight 18 January 2018

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Report summary

The Caspian upstream has never had a higher profile. It is home to almost 6 million boe/d of production, 10% of value for several Majors, 15% of China's gas supply and projects of a near-unrivalled scale. Despite lower investment, 2017 began the region's transition back to growth. Our review covers the main events and trends of the year, including: • Milestone of the year: Contract extension at Azerbaijan's ACG oil megaproject • Start-ups of the year: LUKOIL's Southwest Gissar and Kandim gas plants in Uzbekistan • Record of the year: Kazakh liquids hit a new high thanks to Kashagan ramp-up • Themes of the year: Improved project delivery and tax and regulatory reform. The region's events to look for in 2018 will build on the steps taken in the year gone by.

Five key Caspian events in 2017
- 1. BP and partners seal ACG contract extension in Azerbaijan
- 2. Kashagan ramp-up hinders Kazakh compliance with OPEC+ cut
- 3. LUKOIL launches its growth projects in Uzbekistan
- 4. Kazakhstan accelerates its China gas exports
- 5. Azerbaijan completes its new semi-submersible rig
Five key Caspian trends in 2017
- 1. Project delivery success defies the long-held stereotype
- 2. Incentivised tax terms in Azerbaijan and Kazakhstan
- 3. Uzbek reforms raise hopes for upstream future
- 4. Regional infrastructure expansion continues
- 5. Caspian exploration deepens its focus
- Top Insights of 2017