25.May .2022 14:30

Kazakh Oil and Gas Industry Attracts $121.6 Billion Since 1996

Kazakh Oil and Gas Industry Attracts $121.6 Billion Since 1996
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Since 1996, 52.2 trillion tenge (US$121.6 billion) of investments, were allocated for the development of the oil and gas sector, said Geology Committee Chair of the Kazakh Ministry of Ecology, Geology and Natural Resources Talgat Satiyev at a May 17 Central Communications Service (CCS) briefing.

This accounts for 70 percent of the total volume of investments – 73 trillion tenge (US$170.1 billion) – attracted to Kazakhstan over 25 years. The mining sector made 27 percent – 19.5 trillion tenge (US$45.4 billion). The share of invested funds in geological exploration reached 4 trillion tenge (US$9 billion).

“The highest proportion of oil reserves – 4.4 billion tons, gas – 2.1 trillion cubic meters, condensate – 416.2 million tons are concentrated in the Atyrau Region – around 75 percent and in the Mangystau Region – 11 percent. The three largest deposits Karachaganak, Tengiz and Kashagan have 68 percent of hydrocarbon reserves,” said Satiyev.

Satiyev noted more than 4,000 deposits have been transferred to subsoil use and therefore, bring income to the state and provide employment for the population. The largest investments are directed to priority types of minerals, such as oil, polymetals, copper, gold, iron, uranium, and coal.

A year before, to foster the development of oil and gas production in Kazakhstan, three major oil and gas operators Karachaganak Petroleum Operating B.V., Tengizchevroil, and North Caspian Operating Company N.V. created the International Center for the Development of Oil and Gas Engineering (IMB Center). With the support of Chevron, Total, and ExxonMobil, the IMB Center began its work in April 2021, Astana Times reports.