Russia and Caspian upstream in brief

Table of contents

• Catch up on our virtual briefing for regional clients
• 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
• OPEC+ oil cut tracker – how compliant are Russia, Kazakhstan and Azerbaijan?
• 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
• Rosneft announces climate goals to 2035
• What to look for in Russia and Caspian upstream in 2021?
• Rosneft announces two giant discoveries in Russia’s Arctic offshore
• Kazakhstan finally settles Karachaganak PSC dispute with Eni, Shell and partners
• Equinor acquires early-life oil assets in East Siberia
• Kazakhstan’s Kashagan megaproject outlines its long-term development plan
• OPEC+ – including Russia, Kazakhstan and Azerbaijan – agrees to increase oil output in January 2021
• Kazakh gas import talks highlight its future supply conundrum in eastern regions
• Webinar: Russia, Caspian and Black Sea upstream – a competitive future?
  • Agenda
  • Global upstream webinar series
• Russia's Vostok Oil project to get its first foreign investor
• Russia’s Volga Gas to get a new owner
• Trans Adriatic Pipeline (TAP) start-up marks the completion of Europe’s Southern Gas Corridor
• Rosneft: a safe bet on oil in lower-for-longer scenario
• Power of Siberia extends further
• Leningradskoye appraisal well proves its worth
• OMV Petrom’s Kazakh assets are for sale
• NOVATEK announces Q3 2020 results
• Russian Arctic LNG-2 finishes up fleet formation
• Some you win, some you lose in Russia tax changes
• Tethys Petroleum boosts hopes for Klymene oil discovery in Kazakhstan
• Russia won’t fundamentally change oil transport tariff policy after all
• Trans Adriatic Pipeline (TAP) construction completes, as commissioning nears
• BP's strategy update – what does it mean for Russia and Caspian?
• Gazprom appraisal success at Leningradskoye in the Kara Sea
• LUKOIL makes progress towards second offshore Kazakh licence
• Escalating Azerbaijan-Armenia conflict threatens energy infrastructure
• First gas at Total’s Absheron in Azerbaijan delayed to 2022
• Kazakhstan launches its first online auction for oil and gas licences
• Tensions flare again in Azerbaijan-Armenia conflict
• Russian upstream companies abroad
• International financial institutions poised to finance Arctic LNG-2
• Kazakhstan takes its onshore exploration auctions online
• LUKOIL West-Siberia improves oil recovery
• Will Turkey’s giant gas discovery undermine Russia and Azerbaijan’s export outlook?
• LUKOIL continues to face severe production constraint in Uzbekistan
• Rosneft drilling two exploration wells in the Kara Sea
• Rosneft goes from strength to strength at the West Irkinski block
• SIBUR starts construction of world's largest steam cracker in Russia
• Azerbaijan’s president in rare criticism of SOCAR, the national energy champion
• Uzbekistan will offer marginal field opportunities to boost oil output
• Russian NOVATEK announces Q2 2020 results
• Gazpromneft and NOVATEK to create Russian Arctic shelf JV in 2021
• South Kirinskoye production drilling underway
• Russian Ministry of Energy considers expansion of oil storage
• Shell forms new Russian exploration JV with Gazpromneft
• Tengizchevroil raises US$1.25 billion in first call on bond market since 2016
• Is it ‘anchors aweigh’ for Nord Stream 2?
• Webinar: China’s call on Russian and Central Asian gas – what to watch in the 2020s?
• Four things to watch in Russia and Caspian in H2 2020
  • In Russia
  • 1. Offshore drilling – keeping the tank full
  • 2. Hard-to-recover formations – tough to ignore
  • In Caspian
  • 1. Uzbekistan’s reopening – a chance to regain momentum in IOC talks
  • 2. Azerbaijani gas – adding another piece to the jigsaw
• SOCAR’s net profit fell 47% in 2019
• Trans Adriatic Pipeline (TAP) gains schedule flexibility with exemption extension
• OMV Petrom makes winning bid for Georgian Black Sea block
• Tatneft, LUKOIL and Gazpromneft close Domanik JV deal
• How does Russia and Caspian look in Lens Upstream?
• Kazakhstan will compensate in Q3 for OPEC+ under-compliance in May
• Kazakhstan intends to unbundle its national pipeline operators
• LUKOIL accelerates E&A drilling in Russia's Caspian
• Kazakhstan's Tengizchevroil (TCO) megaproject begins first crew change since coronavirus outbreak
• Trans Adriatic Pipeline (TAP) completes offshore section and nears the finish line
• After the crash – what's changed in Russia and Caspian upstream?
• How will the regional supply chain survive 2020?
• NOVATEK orders two floating LNG storage units in South Korea
• Russia and its partners extend Phase 1 of OPEC+ production cuts to end-July
• LUKOIL confirms 2020 gas production downside in Uzbekistan
• Expanded sanctions on Nord Stream 2 on the horizon
• SOCAR becomes technical operator of South Caucasus Pipeline (SCP)
• NOVATEK’s Obskiy LNG postponed until 2024
• Epsilon Development Company maintains Uzbek exploration success
• Russian oil production falls dramatically in May, closing in on OPEC+ target
• Borealis exits major petrochemical project in Kazakhstan
• Russian state formally loses majority stake in Rosneft
• Coronavirus cases approach 1,000 at Kazakhstan’s Tengizchevroil (TCO) megaproject, but operational shutdown is highly unlikely
• Repsol abandons Gydan exploration JV with Gazpromneft and Shell
• ExxonMobil maintains Azerbaijan divestment plans
• Azerbaijan showcases compliance with OPEC+ oil cuts as pandemic hinders BP’s new ACG phase
• Rosneft announces Q1 2020 results
• Gazpromneft to unlock the potential of Gazprom’s liquids-rich formations
• Kazakhstan starts to comply with its OPEC+ oil production cuts
• Amid pandemic, China reduced April piped gas imports to make room for LNG
• Global pandemic weighs on Gazprom’s exports
• Rosneft launches exploration campaign to get the Vostok Oil megaproject moving
• Rosneft announces capex cuts for 2020
• Will Russia fundamentally change oil transport tariff policy?
• Gazprom announces huge gas discovery in the Russia’s Kara Sea
• The commercial and technical challenges of cutting oil production in Russia
• Yakutia LNG project in Russia’s Far East seems far-fetched
• BP and Equinor pause offshore exploration drilling in Azerbaijan
• Gazprom and Rosneft deliver to shareholders despite challenging environment
• Chevron reduces 2020 investment at Kazakhstan’s virus-hit Tengiz megaproject
• Kazakh liquids producers temporarily diversify away from core CPC export route
• Rosgeologiya warns on E&A, but Gazprom appears keen to push ahead with E&A activity in the Kara Sea
• Webinar: Russia and Caspian upstream - price, production and pandemic
• Coronavirus tracker: alarming situation near Murmansk
• Kovyktinskoye field expected to reach a higher production plateau
• MOL completes acquisition of Chevron’s Azerbaijan assets
• Utrenniy terminal to be expanded for Arctic LNG-1
• Coronavirus outbreak halts most construction work at Chevron-led Tengiz megaproject
• OPEC+ 2.0 deal: how will Russia, Azerbaijan and Kazakhstan cut?
• Rosneft continues share buyback but at a slower pace
• Shell abandons the Meretoyakhaneftegaz JV
• Fiscal evolution: New tax breaks for Arctic oil and gas projects
• Survive and adapt – how is Russia and Caspian navigating the current crises?
• Coronavirus spreads across the region
• Nostrum Oil & Gas confirms 50% reserve downgrade at core Kazakh field
• Coronavirus effect drives Caspian oil blends to record price discounts
• Podcast: Middle East, Russia and US response to the oil price crash
• Eni commissions its first onshore wind project in Kazakhstan
• Block Energy acquires Schlumberger’s Georgia assets in share options deal
• Assessing coronavirus’ impact on Russia and Caspian upstream
• Export duty payments to the Russian government fall along with oil price
• Regional currencies suffer largest drop since 2014 – how does this affect the upstream?
• Equinor completes Karabakh appraisal offshore Azerbaijan
• Oil price crash: deep investment cuts are coming
• China cuts piped gas imports amid coronavirus outbreak
• After the crash – what to watch right now in Russia and Caspian?
• Turkmenistan’s roadshow – is a Caspian offshore licensing round on the cards?
• Russneft to unlock Achimov potential of Tagrinskoye field
• Kazakhstan’s long-term role in the Majors’ strategies
• OMV and Gazprom postpone Achimov 4/5 deal
• Zenith Energy to exit onshore Azerbaijan production
• Kazakhstan seeks to stimulate exploration – again
• Gazpromneft starts development of the West Yubileyni block
• Russia and Caspian and the global impact of coronavirus
• Russia’s US$1.7 billion nuclear-powered icebreaker
• Rosneft postpones gas ramp-up at Kharampurskoye and Rospan International
• Russian NOVATEK announces 2019 results and future plans
• Key takeaways from Gazprom Investor Day
• BP Azerbaijan reports strong 2019 performance
• New Year rollover – what’s left from the region’s 2019 to-do list?
  • Russia
  • Uncertainty swirls around Gazprom’s Nord Stream 2 launch date
  • OMV’s M&A efforts with Gazprom will finally bear fruit
  • Caspian
  • In Kazakhstan, the finish line awaits for multi-billion-dollar Karachaganak PSC dispute
  • In Azerbaijan, ExxonMobil will reach the exit door
• Lens database: key price assumption update
• Amendment to subsoil law will simplify access to Russia’s internal seas and territorial waters
• Contamination disrupts Kazakh oil exports to China
• Rosneft wins two licences in Yamal-Nenets
• Nostrum Oil & Gas downgrades its Kazakh outlook even further
• Offshore role dawns for Caspian Sunrise after deal for Kazakh barge rig
• BP targets giant Shafag Asiman gas-condensate prospect in Azerbaijan
• Georgia launches first Black Sea licensing round in over a decade
• TurkStream launched - a new route to Europe for Russian gas
• Equinor and Rosneft take FID on Russia’s North Komsomolskoye field
• NOVATEK and LUKOIL launch pilot production at gas fields in Russia’s Yamal-Nenets region
• Three Russian majors create a new JV for hard-to-recover oil
• Ukraine transit deal close but sanctions halt Nord Stream 2
• NOVATEK-Yurkharovneftegaz wins two licences in Yamal-Nenets
• Arctic LNG-2 to attract US$8 billion project financing
• Yamal LNG receives last Arc7 ice-class tanker
• Gazprom delivers on strategic objectives
• Gazprom launches gas deliveries via Power of Siberia
• Ceremony marks full completion of TANAP pipeline – the heart of Europe’s Southern Gas Corridor
• Kazakhstan seeks more compensation as Karachaganak PSC dispute drags on
• Russia looks to revise its OPEC+ production quota
• Russia’s ESPO reaches full capacity
• Uzbekistan’s latest reforms set the scene for future licensing rounds
• LUKOIL completes key well in the Caspian Sea
• The US Majors – Azerbaijan exit and Tengiz overruns bring Caspian under focus
• MOL acquires Chevron’s Azerbaijan assets for US$1.57 billion
• Chevron confirms cost increases and delays at Tengizchevroil expansion – the largest global upstream project
• Nord Stream 2 receives Danish construction permit
• Epsilon Development and Uzbekneftegaz continue Uzbek exploration success
• Weatherford signs two drilling contracts in Russia
• Gazprom advances talks for new Uzbek exploration acreage
• Russia’s Rosneft explores de-dollarisation
• Russian oil and LNG goes east along the Northern Sea Route
• Majors drop Kazakhstan’s Kalamkas More-Khazar offshore greenfield project
• RusGazDobycha chooses EPC contractor for Baltic сhemical complex
• More bad news for Nostrum Oil & Gas in Kazakhstan
• Kazakhstan completes strategic Saryarka gas pipeline to capital city
• Thoughts from Kazakhstan Energy Week
• Russia makes the Mineral Extraction Tax increment permanent
• Kazakhstan proposes new US$1 billion gas plant for Kashagan megaproject
• Russia’s NOVATEK and Japanese investors ink agreement on transhipment
• Condor Petroleum sells its producing Kazakh assets
• Surgutneftegas starts new field in Sakha-Yakutiya
• BP signs construction contracts for new ACE phase at Azerbaijan’s ACG megaproject
• Russian Ministry of Finance to support Baltic LNG
• Here to stay: Russian tax increment could become permanent
• NOVATEK and Gazpromneft go east
• LNG agreements dominate Russia’s 5th Eastern Economic Forum
• Nord Stream 2 inches ahead
• Chart of the month: understanding direct and indirect ownership in Russia
• Russia did not comply with the OPEC+ cut in August
• Russia's Gazpromneft to build a gas pipeline from Novoportovskoye to Yamburg
• 24 billion boe of prospective resources are up for auction in Russia
• Russia’s Federal Antimonopoly Service (FAS) increases Gazprom market trading quota
• New Arctic exploration opportunities
• Gazprom connects the Chayandinskoye field to Power of Siberia pipeline
• One year on – revisiting the landmark Caspian Sea agreement
• NOVATEK starts tender process for its new Obskiy LNG
• Wildfires and clogged pipelines: Russian oil production falls again
• Transneft compensates for Druzhba oil pipeline incident
• NOVATEK Q2 2019 results – quickly building the LNG portfolio
• ExxonMobil queries restrictions on foreign-flagged vessels
• President Putin meets Shell CEO in St. Petersburg
• Russia introduces a moratorium on new tax reliefs for oil fields
• Gazprom awards RUB 51 billion contract to RusGazDobycha for the Kirinskoye field development
• NOVATEK gets nod to build transhipment terminal near Murmansk
• Uzbekistan’s reform drive moves up a gear with NOC restructuring
• CPC oil pipeline approves US$600 million project to boost Kazakh capacity
• Gazprom on the hunt for gas in the Kara Sea
• Arcticgas progresses with Achimov development in Russia
• Georgia's 2018 licensing round falls flat despite awards
• 15 more years at Dunga – Total and partners secure Kazakh contract extension
• Gazprom signs five-year gas sales agreement with Turkmenistan
• Russia extends cut with the OPEC+ group
• TANAP and TAP pipelines maintain Southern Gas Corridor momentum
• Mitsui and JOGMEC to get 10% in Russian Arctic LNG-2
• Equinor adds to resurgent IOC exploration pipeline in Azerbaijan
• Putting a price on Russian gas
• Upstream tax changes on the horizon in Russia
• LUKOIL makes progress in the Caspian Sea
• PTTEP buys Partex – what is the Kazakh angle?
• Kazakh-focused Nostrum Oil & Gas is open to offers
• Progress at Nord Stream 2 despite headwinds
• Taking stock of Kazakhstan's presidential election
• High-profile deals in St. Petersburg
• Striking deals in St. Petersburg
• Druzhba contamination weighs down on Russian oil production
• Neftegazholding to start development drilling at Paiyakhskoye
• NOVATEK plans new Obski LNG for 2022
• LUKOIL develops new offshore fields in the Baltic Sea
• Kashagan production restarts after successful maintenance downtime
• Gazprom makes world-class discovery
• NOVATEK select TechnipFMC as EPC contractor on Arctic LNG-2
• BP exploration pact and petchem deal headline Uzbek energy conference
• Oil flows at Mingbulak for CNPC and Uzbekistan's NOC
• Rosneft could abandon the FEPCO project
• FID for final plateau extension project at Kazakhstan's Karachaganak megaproject
• Five thoughts from a Silk Road trip to Uzbekistan
• Contamination scare for Druzhba
• Turkmen NOC keeps up drilling pace at its deepest field
• Azerbaijan gets positive news on two key offshore gas wells
• Chinese players buy 20% in Arctic LNG-2
• Vysotsk LNG inaugurated by President Putin
• Kashagan production shutdown – what to watch at Kazakh megaproject
• Gazpromneft starts oil developments at Yamburgskoye, Pestsovoye and Yen-Yakhinskoye
• Igor Sechin outlines his plan for the Arctic with President Putin
• BP takes FID on new platform at Azerbaijan's ACG oil field
• Total to invest in NOVATEK's LNG terminals
• Gazprom makes its first Turkmen gas purchases in three years
• NOVATEK signs first agreements on supply from Arctic LNG-2
• Tajikistan's pre-salt: what happened to Central Asia's exploration wildcard?
• Kamchatka LNG transhipment terminal construction to start in 2020
• Gazprom launches development of Kharasaveiskoye
• Kazakhstan's president resigns: what does it mean for the upstream sector?
• Equinor gets a rig for Karabakh appraisal in Azerbaijan
• NOVATEK commissions Vysotsk LNG
• Eni signs initial agreements for new Kazakh offshore exploration block
• LUKOIL faces domestic gas sales in Uzbekistan
• Russian operators to reach OPEC+ cut level by early April
• Will exports be the only driver of Russia’s long-term energy growth?
• LUKOIL 2018 results released, D41 and South Messoyakhskoye fields to be brought onstream in 2019
• EU reaches provisional agreement on regulations affecting Nord Stream 2
• Siemens to produce Arctic LNG-2 compressors in Russia
• Turkmen oil exports switch route after Vitol triumph
• SIBUR to take FID on Amur gas chemical complex (GCC) before year-end
• BP Azerbaijan confirms strong 2018 performance at its megaprojects
• Gazprom signs an agreement with Almaz-Antey for the supply of subsea equipment
• LPG sales under evaluation at Kazakhstan's Kashagan megaproject
• The RDIF could acquire 30% in Eurasia Drilling Company (EDC)
• Resource capture in Russia and Caspian
• Azerbaijan to use Kazakhstan's stacked Satti jack-up rig
• Salym Petroleum Development expands in Khanty-Mansi region
• Siemens to provide compressor units for Arctic LNG-2
• TurkStream volumes to flow into Serbia
• NOVATEK ready to swap assets with Gazpromneft
• Kazakh oil and condensate production impresses in 2018
• Georgia launches onshore licensing round
• Trans Adriatic Pipeline (TAP) completes EUR 3.9 billion project financing
• Russia: Gazprom launches Kaliningrad FSRU
• Uzbekistan GTL secures critical US$2.3 billion financing
• Gazpromneft and Repsol acquire ASB Geo
• Commercial oil production launched at Yaro-Yakhinskoye
• Lundin Petroleum exits Russia's upstream
• NOVATEK signs new deals for GBS construction, equipment for Arctic LNG-2
• Kazakhstan breaks ground on Saryarka gas pipeline to Astana
• OPEC and Russia ink new production cut deal
• December editorial - Enhancing Russia's oil production
• Chevron and ExxonMobil evaluating exit from Azerbaijan
• LUKOIL signs up for offshore Kazakh exploration
• Yamal LNG exports first 100 cargoes in less than a year
• Line C of Turkmenistan-China Gas Pipeline reaches design capacity
• Gazpromneft wins the licence for the South Obski block
• Nostrum Oil & Gas further downgrades Kazakh production guidance
• Yamal LNG commissions the third train
• BP Azerbaijan – production strong, exploration rebounding
• TurkStream offshore section complete
• CNPC and NC KazMunaiGas relinquish Kazakh offshore exploration blocks
• NOVATEK continues its successful exploration campaign
• Gazpromneft makes a billion barrel discovery offshore Sakhalin
• Azerbaijan-focused Greenfields Petroleum to list in London
• Azerbaijan evaluates its gas import needs for 2019-20
• November editorial - Georgia's upstream sector - why's it on our mind?
• Trans Adriatic Pipeline (TAP) upheld by new Italian government
• Eni exits Black Sea project with Rosneft
• Kazakhstan agrees to increase gas exports to China
• Gazprom set to resume Turkmen gas purchases
• Total signs MoU to evaluate Uzbek exploration
• NOVATEK intends to commission Vysotsk LNG in 2018
• Get ready for Arctic LNG-3
• October editorial - Russia looks east again
• How high can Russian production go?
• Kazakhstan and Eni/Shell-led Karachaganak consortium to settle PSC dispute
• LetterOne and BASF merge upstream assets to form Wintershall DEA
• Total acquires extra 0.5% share in NOVATEK
• Resource upgrade at Neptune
• NOVATEK increases reserves at Salmanovskoye (Utrenneye)
• ONGC Videsh to exit offshore Kazakh exploration project
• BP buys into Azerbaijan's onshore, with exploration in mind
• FID for debottlenecking at Kazakhstan's Karachaganak megaproject
• Rosneft withdraws from Pechora LNG
• Gazpromneft deal with Mubadala and RDIF completed

Tables and charts

This report includes 216 images and tables including:

• Shah Deniz production outlook – could Shafag Asiman provide a long-term backfill option?
• ACQ of Shah Deniz export GSAs by destination market vs forecast production
• April 2021 auction results

What's included

This report contains:

• Russia and Caspian upstream in brief

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