Caspian upstream: what to look for in 2016

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Report summary

2016 will continue a period of stark adaptation for the Caspian region and its energy industry. With the oil price set to remain low throughout the year, currencies risk weakening further and new investment will be limited. Nevertheless, 2016 will also be a vital transition year for the region’s two largest liquids projects: FID will be taken for a US$30 billion+ expansion project at Tengiz in Kazakhstan, while a contract extension is expected at Azeri Chirag Guneshli in Azerbaijan.

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    Caspian upstream: what to look for in 2016

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Table of contents

  • Executive Summary
  • A year headlined by FID for Tengizchevroil Future Growth Project (FGP)
  • The future of ACG and other megaprojects will become clearer
  • Amidst economic turmoil, limits of Caspian cost savings will be evident
  • Kazakh oil export duty falls, but incentives to invest are in short supply
  • Regional pipelines will bring some positive news
  • Iranian oil swaps will resume, but at a low level… for now
  • Wood Mackenzie's Caspian Upstream team is here to help

Tables and charts

This report includes 3 images and tables including:


  • Caspian upstream: events to look for in 2016
  • Caspian upstream capital expenditure – stable despite downward pressures


  • 2016 Caspian upstream project tracker

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