Three decades after gaining independence, Azerbaijan and Kazakhstan face a growing struggle convincing investors and markets of the potential for significant new oil opportunities in the Caspian region. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Recent months appear to have demonstrated the reduced allure of a region once seen as a trophy of the end of the Cold War and collapse of Soviet rule. In November, Chevron sold its 9.6% stake in Azerbaijan’s main oil complex, Azeri-Chirag-Deepwater Gunashli (ACG), and ExxonMobil says it wants to sell its 7% stake, as both majors focus on shale resources at home. Oil production from the BP-operated ACG has fallen 8% in 2019 and is now around a third below 2010 levels, at 540,000 b/d in the first nine months of the year. In Kazakhstan, production is still considered broadly on the rise, but a hard-bitten […]