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PEER STRATEGY

Caspian Pipeline Posturing Spooks Western Majors

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  • Western producers in Kazakhstan fear Russia may nationalize the Caspian Pipeline Consortium (CPC) terminal and cut their access to international markets.
  • Chevron, the biggest Western partner in CPC, would have to invest heavily in new export infrastructure for crude from the Tengiz field if the terminal shuts.
  • Closure of CPC would massively raise transportation costs from Tengiz and delay cost recovery from the field's $45 billion expansion.

The Issue

Topics:
Oil Pipelines, Crude Oil, Majors, Upstream Projects, Ukraine Crisis
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