Insight
Caspian upstream: 2019 in review
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
-
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)
What's included
This report contains:
Other reports you may be interested in
Asset Report
Grayfer and LUKOIL Caspian discoveries
LUKOIL Nizhnevolzhskneft operates fields in the northern part of the Caspian Sea. There have been eight major discoveries to date: ...
$3,720
Asset Report
Yuri Korchagin
The Yuri Korchagin oil, gas and condensate field lies in the Russian sector of the Caspian Sea, only 40 kilometres from Vladimir ...
$3,720
Asset Report
Ovintiv Alberta
Ovintiv is a US-based E&P with positions in several unconventional resource plays across North America. The company was formerly ...
$3,720
