In the Caspian, growth will be back on the agenda in 2018 – from the region's upstream super-giants to new investment opportunities. Will these ambitions be met? Our regional outlook covers five key questions to watch: • Will the Shah Deniz Phase Two / Southern Gas Corridor megaproject launch on schedule? • Will a Caspian Sea legal agreement surprise us all? • Will pre-FID projects in Kazakhstan and Azerbaijan stay on track? • Will Kazakhstan's tax and regulatory reforms reshape its competitiveness? • Will new gas monetisation hubs add both commercial and strategic value?