Caspian players plot oil revival
Gas has made most of the recent running, but major producers like Azerbaijan are focusing on boosting crude oil production too
Giant natural gas developments such as Azerbaijan's Shah Deniz have captured the headlines, but the Caspian region's crude oil producers are also ramping up activity as they seek to stem declines in maturing basins. Those plans hit an expected hitch late last year, as two majors, ExxonMobil and Chevron, signalled their intention to pull out of the BP-led Azeri-Chirag-Guneshli (ACG) oilfield development off Azerbaijan, amid indications that costs had increased. The ACG field produced 584,000bl/d on average last year and the prospect of the loss of the two US players on Azerbaijan's main production basin has prompted speculation that expansion ambitions for the field — where output is expected
Also in this section
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
