Opec+ creates Central Asian headache for IOCs
Foreign companies tapping large fields in and around the Caspian Sea face tricky decisions on production cuts
The decisions of Central Asian oil-producing nations to agree production cuts in line with the Opec+ group has created friction with IOCs active in the region. The firms are understandably reluctant to commit to sizeable output cuts at fields with billion-dollar developments tabs. Kazakhstan’s government instructed companies in mid-May to throttle back an estimated 22pc of production in the May-June period, as part of the overall 9.7mn bl/d Opec+ cut. This equates to 390,000bl/d of shut-in production out of Kazakhstan’s 1.7mn bl/d of total output. The onshore 650,000bl/d Tengiz field, developed by the Chevron-led Tengizchevroil (TCO) joint venture, and the 400,000bl/d Kashagan field, develop
Also in this section
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
26 March 2025
Well-functioning democracies are required for healthier economies and a thriving oil industry
