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
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
