Name: Caspian upstream: 2019 in review
Brand: Wood Mackenzie
SKU: 124599
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 29 January 2020

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Report summary

2019 was a year of mixed messages in the Caspian upstream sector. The competitiveness of large-scale opportunities and new frontiers was in the spotlight throughout – some delivered far better than others. Powered by our Lens platform, we evaluate five key themes that shaped 2019 in the region: Milestones at Azerbaijan's Azeri Chirag Guneshli oil megaproject – multi-billion-dollar FID and M&A Kazakh megaproject pains for Chevron at Tengizchevroil expansion – the world’s largest ongoing project overruns An offshore reality check – Majors relinquish 500 million barrels of oil resource in Kazakhstan Production ramp-ups – growth at Shah Deniz Phase Two (Azerbaijan) and Kashagan (Kazakhstan) The bigger picture – smooth political succession in Kazakhstan and a relentless reform drive in Uzbekistan.

Executive summary
- 1. Azerbaijan secures FID for next ACG megaproject phase as MOL makes an entrance
- US$6 billion Azeri Central East (ACE) project – the region’s largest FID of 2019
- MOL’s US$1.57 billion entry into Azerbaijan – the region’s largest M&A deal of 2019
- 2. Megaproject history repeating – Chevron’s Tengizchevroil expansion overruns strengthen the regional stereotype
- Revised FGP-WPMP budget and schedule have wide-ranging implications
- 3. Caspian offshore faces a competition conundrum
- Kazakhstan – offshore greenfield relinquishment sends a stark message
- Azerbaijan – IOC involvement in Umid-Babek project looks increasingly unlikely
- 6 more item(s)...

Tables and charts

This report includes the following images and tables:

Caspian upstream in 2019 – key figuresACG oil production outlookTengizchevroil expansion (FGP-WPMP) – revised cost estimate

Kalamkas More-Khazar vs. Majors’ growth projects*Global liquids cost curve in 2030Caspian liquids productionCaspian sales gas productionUzbekistan reform timeline (to 2019)