Low oil price - implications for the Caspian

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Report summary

The oil price fall has major implications for project sanction and near-term investment levels in the Caspian. Wood Mackenzie estimates that total capital expenditure to 2020 will exceed US$120 billion in the region. With short-term revenues under threat, some pre-sanction projects could be postponed or even shelved. Based on our long-term Brent assumption, onstream developments should not be affected. Operators will instead focus on achieving efficiencies and reducing operating expenditures.

What's included

This report contains

  • Document

    Low oil price - implications for the Caspian

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Table of contents

  • Beyond Tengiz FGP, the megaprojects look safe for now
  • High cost pre-sanction projects are under threat
  • The domestic market becomes more attractive
  • Lengthy M&A approval periods could have knock-on effect
  • Appendix

Tables and charts

This report includes 3 images and tables including:


  • Estimated capital expenditures for the megaprojects, 2015-2020
  • The 10 most capital intensive projects in the Caspian over 2015-2020, excluding the megaprojects
  • Comparison of export and domestic netbacks for a 20,000 b/d producing operator in Kazakhstan

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