1. ENERGY
E6N768@IB:=6HVgg^kZYViaVhi[dgi]ZildW^Zhi
IZc^odc
dch]dgZd^aVcYVhÒZaYh^ci]Zegda^ÒXEgZ8Vhe^Vc
WVh^c^ccdgi]lZhi@VoV`]hiVcÄIZc^oVcY
@VgVX]VVcV`Äl]^X]VgZcdlYZa^kZg^ccZVgan
]Va[i]Z,%b^aa^dcidccZhd[d^aegdYjXZYVccjVaan
Wni]Zd^a^cYjhign^c@VoV`]hiVc#
;dgi]ZWZhieVgid[VYZXVYZ!hdbZd[i]ZldgaYÉh
i]Zg^hZ
W^Zhid^aVcYVhXdbeVc^Zh]VkZWZZcedjg^c
bdcZn!aVWdjgVcYiZX]cdadn^cidi]ZildXdbeaZm
ÒZaYh!aV^YYdlcdkZghZkZgVaZdad^XVai^bZ
eZg^dYh!WZ[dgZWZ^cXdkZgZYWnVkVhidXZVc#6aa
i]VigZbV^chd[i]ViVcX^ZcidXZVcVgZi]Z8Vhe^Vc
VcY6gVahZVhVcYi]ZlZhiZgc]Va[d[AV`Z7Va`Vh]#
I]ZhVaiYdbZhVcYgdX`gZhZgkd^ghd[i]ZVcX^Zci
XdgVagZZ[h!l]^X]]daYi]Zd^aVcYVh!VgZcdlje
Oliver Adderley looks at Tengiz id*`bWZadli]ZaVcYhjg[VXZ#7ji^ilVhi]ZaViZg
as it doubles production and pioneers dXZVci]ViaV^YYdlci]Zi]^X`XVed[ÓZm^WaZ!Wji
^beZgbZVWaZ!hVaiVcY`Zeii]Zd^aVcYVh^ceaVXZ#
a new oil export route I]ZgZ^igZbV^cZYjcYZggZViegZhhjgZVcYb^mZY
l^i]VaZi]VaXdX`iV^ad[]nYgdZchjae]^YZVcY
di]ZgVhZh#I]Zg^X]hdje^cXajYZhÈbZgXVeiVchÉ!
i]ZkdaVi^a^inVcYgZkdai^chbZaad[l]^X]gZfj^gZh
ZmiZch^kZegdXZhh^cWZ[dgZZ^i]Zgd^adgVh
XVcWZigVchedgiZYi]djhVcYhd[`^adbZigZhid
ZmedgibVg`Zih#
CK:HIC@6O6@=HI6C

2. ENERGY
?jhiidbV`Zi]^chY^[ÒXjai!BdhXdl]Vhhd
[VghijWWdgcangZ[jhZYid^kZ^ihVhhZciidi]Z 6hXVeVX^inWj^aYhje^c
eaVccZYYdjWa^cd[i]Z!+%%`b8Vhe^VcE^eZa^cZ
8dchdgi^jb8E8Zmedgie^eZa^cZ!heZX^ÒXVaan i]Zcdgi]Zgc8Vhe^Vc
YZh^cZYidgjc[gdbIZc^oVXgdhhhdji]ZgcGjhh^V
idCdkdgdhh^^h`dci]Z7aVX`HZV#@VgVX]VVcV`! d^aÒZaYh!8]Zkgdc
l]^X]^hXadhZgidi]ZGjhh^Vcd^aVcYVhidlcd[
DgZcWjg_jhidkZgi]ZGjhhd@VoV`]WdgYZgi]Vc ZmeZXihidZmedgijeid
idJgVah`!i]ZcZVgZhi@VoV`]idlc!^ha^c`ZYidi]Z
8E8WnV+*%`bhejga^cZ# *b^aa^dcidccZhVnZVg
6YZX^h^dcdcYdjWa^c8E8ÉhXVeVX^inid+,
b^aa^dcidccZhVnZVg^hWZa^ZkZYidWZ^bb^cZci! idi]ZIjg`^h]edgi
Wji^il^aaiV`ZViaZVhiildnZVghidWj^aYVcYb^]i
cdiZkZcWZÒc^h]ZY^ci^bZidigVchedgiÒghid^a
[gdbi]Zi]^gY^Vci8Vhe^Vcegd_ZXi!i]Zd[[h]dgZ
@Vh]VVcÈZaZe]VciÉÒZaY!YjZidhiVgiegdYjXi^dc
VgdjcYi]ZZcYd['%'# gV^aVcYhbVaaZge^eZa^cZi]gdj]6oZgWV^_Vcid
;gjhigViZYWnBdhXdlÉhYZaVn^ciVXi^Xh!8]Zkgdc i]ZZdg^Vcedgihd[7Vijb^VcYHjehV#ÆL^i]
IZmVXd!i]ZdeZgVidgVcY*%eZgXZcidlcZgd[ @VoV`]hiVcZmeZXiZYidVYYVb^c^bjbd[#*
i]ZIZc^oX]Zkgd^aI8DXdchdgi^jbhZijeid b^aa^dcWVggZahVYVndkZgi]ZcZmi*nZVgh!
YZkZadeIZc^ojcYZgV)%nZVgegdYjXi^dch]Vg^c ^icZZYhVcZl!YZY^XViZYVcYgZa^VWaZZmedgi
VgZZbZci!]Vh]VYid^ckZhi]ZVk^an^ci]djhVcYhd[ XVeVX^in!VcY^icZZYh^ijgZcian!ÇVXXdgY^cidVc
cZlgV^aXVghidZmedgid^ai]ZZmeZch^kZlVn# BVX9dcVaY!8]ZkgdcÉhhZc^dgWjh^cZhhYZkZadebZci
cDXidWZg'%%-!8]ZkgdchZciVh^c^ÒXVciÒghi VcYigVchedgiVi^dcbVcVZg#
h]^ebZcid[d^a[gdbIZc^oWngV^aidi]Zedgid[ 8]ZkgdcÉheVgicZgh^cI8DVgZ@VoBjcV^Vo
6`iVjVcYejbeZY^i^cidVhbVaaiVc`ZgWdjcY @B!i]ZhiViZd^aVcYVhXdbeVcn!l^i]'%
[dg7V`j^c6oZgWV^_Vcdci]ZlZhiZgcXdVhid[i]Z eZgXZciVcY:mmdcBdW^al^i]'*eZgXZci#I]Z
8Vhe^Vc#;gdbi]ZgZ^ilVh[ZY^cidi]Z!,*%`b gZbV^c^c*eZgXZci^h]ZaYWni]ZAj`VgXd_d^ci
7V`jIW^a^h^8Zn]Vc7I8e^eZa^cZ!l]^X]gjch kZcijgZWZilZZcGjhh^VÉhAj`d^aVcY7E#DkZgi]Z
i]gdj]6oZgWV^_Vc!Zdg^VVcYIjg`Zn# aVhiÒkZnZVghi]ZeVgicZgh]VkZ^ckZhiZYbdgZi]Vc
6hXVeVX^inWj^aYhje^ci]Zcdgi]Zgc8Vhe^Vcd^a (W^aa^dc^ci]Z^gÈhZXdcYZcZgVi^dcYZkZadebZciÉ
ÒZaYh!8]ZkgdcZmeZXihidZmedgijeid*b^aa^dc l]^X]lVhXdbeaZiZYaVhinZVg#
idccZhVnZVgidi]ZIjg`^h]edgidci]ZZVhiZgc IZc^o^hdeZgViZYdci]ZWVh^hd[V)%nZVg
BZY^iZggVcZVci]gdj]i]Z7I8e^eZa^cZ^cXdb^c egdYjXi^dch]Vg^cVgZZbZci#I]ZhZXdcYhiVZ
nZVgh!Vai]dj]i]ZWja`d[d^a[gdbVaai]gZZd[i]Z d[^ihYZkZadebZci^ckdakZYWj^aY^cVhbVaaidlc
^VciÒZaYh^ci]ZCdgi]Zgc8Vhe^Vcl^aaXdci^cjZid id]djhZVcVgbnd[+!*%%h`^aaZYldg`Zgh#iVahd
Ódli]gdj]Gjhh^V!dcXZi]Z8E8a^cZÉhXVeVX^in gZfj^gZYcZlgdVYVcYgV^aXdccZXi^dch!(.cZl
^hYdjWaZY# Yg^aa^clZaah!V]^]iZX]ÒZaYegdYjXi^dcVi]Zg^c
Jci^ai]VihnbWda^XÒghih]^ebZciid7V`j hnhiZbVcYZ^]ihdjgVhgZ^c_ZXi^dceaVcih#
VcYWZndcY!8]Zkgdch]^eeZYhjgeajhd^a[gdb I]ZhZ]djhZedlZg[jaXdbegZhhdghid[dgXZhdjg
IZc^oWngV^aid6`iVjVcYVXgdhhi]Z8Vhe^Vcid VhWVX`^cidi]ZÒZaY#I]^h^hgZfj^gZYid`ZZeje
BVX]VX]`VaV!^cGjhh^VÉh9VZhiVcegdk^cXZ#;gdb i]ZegZhhjgZcZZYZYidZchjgZi]Vid^al^aaÓdl[dg
i]ZgZ!i]Zd^aeVhhZYi]gdj]Gjhh^V!Z^i]ZgWngV^a YZXVYZh#GZ^c_ZXi^dcVcYgZaViZY^ckZhibZci]Vh
dgi]ZgZgdjiZYe^eZa^cZidXZcigVaGjhh^Vi]VijhZY k^gijVaanYdjWaZYd^adjieji[gdb(b^aa^dcidccZh
idgjci]gdj]i]Z8]ZX]ZcXVe^iVagdocn!Wjicdl ^c'%%)l]ZcXdchigjXi^dchiVgiZY!idi]ZXjggZci
WneVhhZh^i# XVeVX^ind['*b^aa^dcidccZhVnZVg#
I]^hbdYZhideZc^cjed[VcZlXgdhh8Vhe^Vc AVhinZVgÉhXdaaVehZ^cd^aeg^XZhidVgdjcY(%
gdjiZ^hi]ZhiVgid[hdbZi]^cbjX]W^ZgÄi]Z VWVggZaaZYidbVcnd^aXdbeVc^ZhXjii^cWVX`
YZkZadebZcid[VcZci^gZcZlZmedgigdjiZid dc^ckZhibZci!Wji8]ZkgdcÉhWdVgYgZXZcian
i]ZlZhil]^X]![dgi]ZÒghii^bZ!YdZhcdicZZY Xdbb^iiZYidejh]V]ZVYl^i]VbW^i^djhadWVa
ideVhhi]gdj]Gjhh^Vce^eZa^cZh!gV^alVnhdg YZkZadebZcieaVchVcYheZX^ÒXVaaneaZYZYcdiid
edgih#I8D!idZi]Zgl^i]i]Z@VgVX]VVcV`VcY XjiWVX`^c@VoV`]hiVc#
@Vh]VVcXdchdgi^V!^hegZeVg^cideaVnV`ZngdaZ 6hZg^Zhd[cZllZaahVgZWZ^cYg^aaZYViIZc^o!
^cYZkZade^ci]Z(W^aa^dc@VoV`]hiVc8Vhe^Vc idZi]Zgl^i][jgi]ZgZmeadgVi^dcd[i]ZcZVgWn
IgVchedgiVi^dcHnhiZb@8IH!cdlViVcVYkVcXZY @dgdandkÒZaY#I8D^hVahdeaVcc^cVhiViZd[i]Z
hiViZd[eaVcc^c# VgigZÒcZgnViIZc^o!l]^X]Òih^clZaal^i]i]Z
I]ZdkZgcbZciÉhVbW^i^djhhdji]ZgcZcZgn dkZgcbZciÉhhigdcanZmegZhhZYYZh^gZidVYY
Xdgg^Ydgl^aagjc[gdbi]Z^Vci@Vh]VVc kVajZid@VoV`]cVijgVagZhdjgXZhVcYYZkZade
egdXZhh^ceaVciVi:h`ZcZ!(%`bcdgi]d[6ingVj! YdlchigZVbegdXZhh^cVcYgZÒc^c#6cZlhjae]jg
bdgZi]Vc+%%`bhdji]id6`iVj!VcYdcidi]Z egdXZhh^ceaVci]VhVahdgZbdkZYVhdjgXZd[
cZld^aVcYVhZmedgi[VX^a^inidWZWj^aiVi@jgn`! [g^Xi^dcl^i]i]ZZck^gdcbZciVaegdiZXi^dcVZcX^Zh!
%%`bWZndcY6`iVj# VcYXdchiVciÒcZh#I]ZcZleZaaZi^hVi^dceaVci]Vh
;gdb@jgn`!Vgdl^cÓZZid[iVc`Zghl^aaiV`Z XdckZgiZYl]VijhZYidWZZbWVggVhh^cbdjciV^ch
i]Zd^aVXgdhhi]Z8Vhe^Vcid7V`j[dgdclVgY d[nZaadlhjae]jg!l]^X]gjchWaddYgZYl]Zcb^mZY
igVch^iZ^i]Zgi]gdj]i]Z7I8e^eZa^cZdgWn l^i]gV^clViZg!^cidVkVajVWaZWnegdYjXi#
CK:HIC@6O6@=HI6C