Russia and Caspian upstream in brief

Table of contents

• Global upstream updates: our favourite slides and topics
• Russia/Ukraine conflict – Wood Mackenzie’s energy sector analysis
• Trans Adriatic Pipeline (TAP) to add first expansion capacity from 2026
• Top bids from Kazakhstan’s December auction void as buyers fail to pay in time
• Gazprom set to export gas to Uzbekistan as part of ‘roadmaps’ with Central Asian partners
• Russia and Caspian upstream: 2022 in review
• Wintershall Dea to exit Russia
• Afghanistan’s Taliban government signs oil production deal with Chinese firm
• Russia responds to G7 oil price cap
• Traders exit Rosneft’s Vostok project
• Kazakhstan announces results of December auction for onshore blocks
• Gazprom commissions new infrastructure to increase gas exports to China
• Key Caspian Sea E&A wells kick off in Kazakhstan and Azerbaijan
• What to look for in Russia and Caspian in 2023?
  • Russian Federation upstream: 5 things to look for in 2023
  • Caspian upstream: 5 things to look for in 2023
• NOVATEK discovers Viktor Girya field in the Russian Arctic
• How will Gazprom monetise its gas in future?
• Russian oil hit by EU ban on imports and G7 price cap
  • EU ban on Russian oil imports
  • Price cap for Russian oil by the G7, the EU and Australia
• TotalEnergies takes another step closer to exiting Russia’s upstream
• Kazakhstan sells 3% of NC KazMunaiGas (NC KMG) shares in domestic IPO
• Rosneft reports 9M 2022 results
• RusGazAlliance launches Semakovskoye field in Russia’s Taz Bay
• TotalEnergies sells its Dunga oil field stake in Kazakhstan and advances large onshore wind deal
• FID for KEP-1B sub-phase at Kazakhstan’s Karachaganak megaproject
• Kazakhstan offers 5% of NC KazMunaiGas (NC KMG) shares in domestic IPO
• Kazakh liquids production hits record high after Kashagan repairs complete
• Igor Sechin’s keynote speech in Baku highlights Vostok Oil
• Rosneft confirms start-up of Kharampurskoye gas production
• Turkmenistan’s state-owned NAPECO takes 5% stake in Dragon Oil’s Cheleken PSC
• Majors' Q3 results round-up – key points for Russia and Caspian upstream
  • Russia
  • Kazakhstan
• Technip Energies to make ‘orderly exit’ from Arctic LNG-2 contract with NOVATEK
• Global Upstream Update – catch up on our favourite slides and topics
• Russia takes first step towards Sakhalin-1 expropriation from ExxonMobil and partners
• OPEC+ – including Russia, Kazakhstan and Azerbaijan – agrees to 2 million b/d oil cut
• TotalEnergies and SOCAR install topsides at Azerbaijan’s Absheron Early Production Scheme (EPS) platform
• Kazakhstan offers 41 onshore blocks in December auction as licensing push continues
• NC KazMunaiGas reconsolidates Kazakh state’s 16.88% Kashagan megaproject interest
• Large oil resource upgrade at Rosneft’s giant West Irkinskoye field
• Gazprom makes commissioning progress at Portovaya LNG plant
• Nord Stream gas deliveries to Europe suspended indefinitely
• Mitsui and Mitsubishi keep Sakhalin-2 LNG stakes in Russia, while Shell exits
• Equinor completes full exit from Russia
• TotalEnergies to sell its stake in Russia’s Termokarstovoye gas condensate field
• Kazakh exports at risk again as CPC hit by subsea equipment fault
• Russian government discloses ambitious plan for Northern Sea Route
• Kazakh independent CaspiOilGas to go public
• Kazakh liquids production and CPC exports fall again because of upstream maintenance
• Gazprom claims that return delivery of Nord Stream turbine is impossible
• Majors' Q2 results round-up – key points for Russia and Caspian upstream
  • Russia
  • Kazakhstan
• Gazprom further reduces Nord Stream gas deliveries to Europe
• Kazakhstan announces results of July auction for onshore blocks
• Azerbaijan and the EU sign MoU to double Southern Gas Corridor flows
• BP targets reduced emissions at Azerbaijan’s Shah Deniz gas megaproject
• CPC oil pipeline’s 30-day suspension overturned by Russian court
• Russia takes first step towards Sakhalin-2 expropriation
• Kazakh oil exports at risk as Russian court orders CPC terminal to halt operations
• Rosneft makes giant oil discovery in the Arctic
• TotalEnergies to exit Kharyaga oil project in Russia
• Dragon Oil extends offshore Cheleken PSC in Turkmenistan to 2035
• Sanoat Energetika Guruhi (SEG) makes one of Uzbekistan’s largest-ever oil discoveries
• Kazakhstan plans domestic IPO for NC KazMunaiGas (NC KMG) by end-2022
• St. Petersburg International Economic Forum (SPIEF) 2022 – lack of eye-catching deals reflects Russia’s growing isolation
• KCA Deutag abandons nine onshore drilling rigs in Russia
• Gazprom reduces gas flows to Europe via Nord Stream
• Kazakhstan builds decarbonisation momentum with Chevron and Total Eren agreements
• EU imposes near-total embargo on Russian oil imports
• Why is the rouble strengthening amid economic malaise in Russia?
• Kazakh government admits to looming gas market concerns
• Kashagan enters planned maintenance shutdown for up to 45 days
• BP’s three-well SWAP exploration campaign comes up dry offshore Azerbaijan
• Equinor exits all JVs in Russia
• What next for Russia's upstream?
• Russia’s retaliatory sanctions and possible implications for the European gas market
• Ukraine declares force majeure on a transit point for Russian gas
• Majors confirm scale of multi-billion-dollar Russia charges
• TotalEnergies records US$4.1 billion impairment largely due to Arctic LNG-2
• Gazprom cuts off gas supply to Poland and Bulgaria
• New gas payment scheme proposed by Russia
• CPC’s Black Sea oil terminal returns to full capacity, enabling Kazakh liquids to rebound
• Kazakhstan offers record 40 onshore blocks in July auction
• Vagit Alekperov steps down as LUKOIL CEO
• BP spuds third and final exploration well on Azerbaijan’s shallow-water SWAP block
• LUKOIL CEO sanctioned by the UK
• Oil and Russia's economy - mixed signals
• Uzbekistan accelerates IPO plans for state-owned Uzbekneftegaz
• Kazakhstan gauges interest in onshore blocks for future auctions
• New entrant GL expands onshore portfolio in Azerbaijan
• Kazakhstan’s liquids output falls amid CPC export disruption
• Storm damage at CPC terminal in Russia forces Kazakhstan to consider oil export alternatives
• LUKOIL makes large gas-condensate discovery in Russian sector of Caspian Sea
• What next for Asia's upstream investments in Russia?
• Shell announces its complete withdrawal from Russia
• Regional oil trade in turmoil as buyers shun Russia-sourced volumes
• The background to international participation in Russia's upstream
• Presidential decree to stop Majors exit from Russia
• ExxonMobil to exit Sakhalin-1 in Russia
• Wintershall Dea responds to Russia/Ukraine conflict
• BP to exit Rosneft shareholding
• What next for oil and gas companies present in Russia?
• NOVATEK announces robust 2021 results
  • Yamal LNG
  • Arctic LNG-2
  • Vysotsk LNG
  • Production
  • Capex
• Glencore sells its stake in Russneft
• Rovnag Abdullayev out as head of SOCAR, Azerbaijan’s state energy company, after 16 years
• Shah Deniz ramp-up steals the show as BP Azerbaijan posts 2021 results
• What risks are there for Russia’s upstream from an escalation of the Ukraine crisis?
• Russia's upstream fiscal options for the energy transition
• Kazakhstan reshuffles its energy sector management after recent civil unrest
• Rosneft and CNPC strengthen cooperation
• Gazprom and CNPC ink agreement to supply gas to China via Far Eastern route
• Power of Siberia 2 makes progress
• Russia and Caspian upstream: 2021 in review
• Chinese Zhejiang Energy could get 10% in Russian Yakutia LNG project
• Kazakhstan’s upstream sector takes stock after nationwide unrest
• Russian NOVATEK inks two LNG supply deals with Chinese companies
• Uzbekistan commissions long-awaited Gas to Liquids (GTL) plant
• Rosneft targets net zero by 2050 and outlines strategy out to 2030
• FEED to begin for Phase Two A at Kazakhstan’s offshore Kashagan megaproject
• What to look for in Russia and Caspian in 2022?
  • Russian Federation upstream: 5 things to look for in 2022
  • Caspian upstream: 5 things to look for in 2022
• BP and SOCAR part pre-empt LUKOIL’s US$2.25 billion Shah Deniz deal with PETRONAS
• Putin visits India for annual summit
• Gazprom announces Q3 results and YTD production
• Azerbaijan signs new gas swap deal with Iran and Turkmenistan
• LUKOIL announces Q3 2021 results
• Kazakhstan announces results of November auction for onshore blocks
• Rosneft announces biggest discovery globally of the year so far
• OPEC+ oil cut tracker – how compliant are Russia, Kazakhstan and Azerbaijan?
  • Useful links
• Russia advances its low-carbon strategy during COP26
• Uzbekneftegaz raises US$700 million in its first-ever eurobond issuance
• KazMunaiGas, Kazakhstan’s NOC, completes unbundling of KazTransGas
• Russian NOVATEK announces Q3 2021 results
• Gazprom’s production capacity – how is it shaping up for winter 2021-22?
• Kazakhstan introduces oil export duty exemption for future offshore developments
• Uzbekistan introduces new upstream tax and regulatory incentives
• JKX Oil & Gas announces sale of non-core Russian asset
• NOVATEK’s transhipment terminal in Murmansk to be ready by end-2022
• LUKOIL buys PETRONAS’ 15.5% stake in Azerbaijan’s Shah Deniz gas-condensate megaproject for US$2.25 billion
• Russia proposes a more ambitious low-carbon strategy to 2050
• LUKOIL snaps up 25% stake from BP in Azerbaijan’s SWAP exploration project
• Rosneft to collaborate with Majors on carbon reduction
• Turkey contracts spot Shah Deniz gas from Azerbaijan for next three years
• Meretoyakhaneftegaz JV: Gazpromneft’s second attempt to find a partner
• Afghanistan’s oil and gas sector – what next under Taliban rule?
  • A disappointing energy state of play after 20 years of capability building
  • A sparse outlook for upstream investment from international partners
  • A neutral impact on TAPI gas pipeline’s prospects, but chronic contingencies persist
• EPC contract awarded for Baltic LNG
• How could Gazprom respond to a tight domestic gas market?
• Kazakhstan offers 22 onshore blocks in November auction
• CNPC starts new drilling work at Turkmenistan’s super-giant Galkynysh gas field
• BP and SOCAR finally spud shallow-water oil exploration well in Azerbaijan
• BP and SOCAR get ready to launch delayed shallow-water exploration campaign in Azerbaijan
• Chevron confirms revised start-up guidance for Kazakhstan’sgiantTengiz expansion
• Russian NOVATEK announces Q2 2021 results
• SOCAR and NC KazMunaiGas sign decarbonisation MoUs with international players
• Gazprom looks to produce good results in 2021
• OPEC+ - including Russia, Kazakhstan and Azerbaijan – reveals its oil cuts end game
• CNPC swaps drilling for Turkmen gas, looks to broader gas push
• Catch up on our view on Russian LNG to 2030
• European Bank for Reconstruction and Development (EBRD) will end upstream financing
• Large mud volcano erupts near Azerbaijan’s Umid gas field in Caspian Sea
• The miraculous transformation of Russia's Neftegazholding (NNK)
• Turkmenistan reportedly finishes repaying its initial gas export-backed loans from China
• Rosneft finds a second partner for the Vostok Oil project
• Amur gas processing plant (GPP) commissioned
• Construction begins at new US$860 million onshore gas plant for Kazakhstan’s Kashagan megaproject
• NOVATEK’s wide-ranging announcements lead the way at St. Petersburg forum
  • NOVATEK reaches LNG, decarbonisation and gas chemical agreements
  • Gazpromneft’s deals headlined by Arctic exploration pact with NOVATEK
  • Rosneft took important early practical steps for its Vostok Oil megaproject
  • Other announcements that caught our eye
• Epsilon Development Company makes its largest discovery so far in Uzbekistan
• Russia turns its attention to the Arctic Council
• Can the Caspian upstream sector still compete for capital?
• Rosneft posts results for Q1 2021
• Repsol retreats from Russia
• Gazprom announces 2020 results and looks to a bright future
• Wintershall Dea reports significant milestone for Turonian gas
• What next after BP’s giant Shafag Asiman gas-condensate discovery in Azerbaijan?
• Russian NOVATEK announces Q1 2021 results
• Azerbaijan’s Shah Deniz Phase One gas exports to Turkey suspended as contract extension talks continue
• Kazakhstan awards eight onshore blocks to domestic investors in second online auction
• PETRONAS moves closer to Garagol-Deniz first oil at Block 1, offshore Turkmenistan
• OPEC+ – including Russia, Kazakhstan and Azerbaijan – agrees to phased oil output increase in May-July
• NOVATEK secures another licence for its Arctic LNG-1 project
• Discovery confirmed at deepwater Shafag Asiman prospect in Azerbaijan
• Severneftegazprom finds new way to make gas recovery easier
• Gas price to China via Power of Siberia falls to lowest level so far
• Karachaganak gas debottlenecking project (KGDBN) launched in Kazakhstan
• KazMunaiGas keeps control of KazTransGas, despite partial unbundling
• Kazakhstan evaluates tax and regulatory reforms
• Russia and Kazakhstan to increase oil production again in April, under latest OPEC+ terms
• LUKOIL expresses interest in offshore Dostlug project, after landmark Azerbaijan-Turkmenistan MoU
• High-profile oil discovery announced in Kazakhstan’s Mangistau region
• Shenergy signs a 15-year SPA with NOVATEK
• Block Energy achieves first gas sales in Georgia
• NOVATEK announces 2020 results
• Rosneft signs investment agreement for Priobskoye North field
• Uzbekistan advances its ambitious methanol to olefins (MTO) plans
• New Year rollover – what’s left from the region’s 2020 to-do list?
  • Russia
  • Rosneft will put its foot on the gas again
  • NOVATEK and Gazprom will play LNG catch-up
  • Caspian
  • Turkmenistan will grant offshore contract extensions
  • Uzbekistan will hope for a tender embrace from IOCs
  • Taking stock of the region’s upstream sector
• 2020 - a year to remember for Russian discoveries
• BP Azerbaijan reports resilient 2020 operating results
• Nostrum Oil & Gas suffers another major reserve downgrade in Kazakhstan
• Azerbaijani President announces SOCAR governance shake-up
• Kazakhstan announces its next auction for onshore acreage
• Nord Stream 2 under increased pressure as pipelaying resumes
• Azerbaijan and Turkmenistan sign MoU for previously disputed Caspian Sea field
• Achim Development starts production at 4A block
• Latest OPEC+ agreement allows Russia and Kazakhstan to increase oil production
  • Listen to our podcast on the recent OPEC+ agreement
• Rosneft starts 2021 with a discovery in East Siberia
• Rosneft ends 2020 with discovery of global significance in East Siberia
• Rosneft steps up M&A activity in Russia at year end
• NOVATEK and NLMK sign MOU on decarbonisation
• Kashagan consortium will boost oil output thanks to gas plant deal with KazTransGas
• OMV Petrom sells its Kazakh assets to local firm
• Domestic investors dominate Kazakhstan’s first-ever online exploration auction

Tables and charts

This report includes 127 images and tables including:

• Trans Adriatic Pipeline (TAP) - expansion scenario guidance
• December 2022 auction - annulled winning bids

What's included

This report contains:

• Russia and Caspian upstream in brief

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• Russia And Caspian Upstream In Brief Archive.pdf

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