t on production sustainability in the country. 2. Operational Delays to the Restart of Kashagan: Operational-related delays to the restart of the Kashagan oil field) would represent another material risk in the outlook (with -$50Bn in sunk costs, the project is not materially levered to lower crude pr

l US Integrated Oils Pr Eillaf y GrOWth Driver:: Near-term oil production growth will be challenged as most mega project starts and expansions (Kashagan restart expected mid 2017 with Tengiz and Pearl contributions anticipated post 2020) are anticipated later this decade. We model a 2.5% decline rat

a time when the company will be targeting material ($30bn) divestments. Divestments aside, project start ups are key - including Gorgon, Prelude and Kashagan. ■ RWE - RWEG.DE: Key downside risks include a further drop in the value of RWE's stake in innogy, lower power prices, a carbon tax, lignite closur