The Russia & Caspian region has seen some of the largest cuts in US$ upstream costs since the oil price fall. 2017 lifting costs have reduced by 22% compared to our Q4 2014 outlook. Regional currency depreciation drove savings in 2014 16. But from 2017 exchange rate stabilisation means not all savings will stick. Key investment projects remain resilient headlined by the largest FID of recent years US$37 billion Tengiz expansion. What comes next? A further 10 major FIDs are expected by end 2020 but optimisation and cost control will be critical.