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Impact of oil price on upstream investment, costs and production in Russia & Caspian

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Report summary

The Russia & Caspian region has seen some of the largest reductions in US$ upstream costs since the oil price began to fall. From Q4 2014 to Q2 2016, we have reduced our 2016-20 capital expenditure profile by 35% for Russia and by 20% for Caspian. Most US$ savings are from local currency depreciation, with the Russian rouble and Kazakh tenge halving in value since the start of 2014. Deflation in like-for-like costs is limited, but can still be achieved – most notably in Kazakhstan.

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