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
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
