Kazakhstan's largest offshore oil and gas development, Kashagan, is set for peak production of more than 1 million barrels per day mid-century as operator North Caspian Operating Company (NCOC) sets lofty targets despite long-term challenges for the fossil fuel industry.

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Output at the Caspian Sea field — which has already seen more than $15 billion of investment in the past two decades — is planned to grow from a current 320,000 bpd to 450,000 bpd in the first phase of the project, out to 2030.