Kazakhstan Emerges Key Player in New Western Oil & Gas InvestmentsThe article reports on the Biden administration's efforts to strengthen ties with Kazakhstan, a Central Asian country rich in oil and gas resources. The U.S. is seeking to prevent Russia from circumventing Western sanctions and also provide an opportunity for Kazakhstan and other countries in the region to reduce their dependence on Russian oil. The focus of the U.S. appears to be on building closer ties with Kazakhstan, which has implemented major reforms in its rule of law and tackled corruption. Kazakhstan's oil and gas industry is the basis of its economy, and higher oil prices have had a significant positive impact on the region and the industry. Major international oil companies, including American, European, Chinese, and Japanese firms, are already operating in Kazakhstan. The article also highlights recent major discoveries of hydrocarbons in Kazakhstan's Mangystau and ARIS regions, with the potential to produce billions of barrels of oil equivalent.
By newsprai
April 11, 2023
Kazakhstan Revamps Oil & Gas Regulations: Foreign Investors Benefit
Kazakhstan's oil and gas industry is the core of its economy, and recent improvements to investment policies and legislation have made it more attractive for foreign investment. The government is focused on improving the rule of law for oil and gas investing, and has approved a National Emission Allowance Plan for 2022-2025. Kazakhstan's long-term development strategy, Kazakhstan-2050, aims to develop a knowledge-intensive economy based on advanced science, and the country's industrial output and workforce must become competitive internationally. Despite passing laws and offering economic incentives, Kazakhstan has not yet developed the innovative backbone necessary to meet the goals set forth in the Kazakhstan-2050 strategy. The government has unveiled a plan to sell 107 exploration and development licenses for oil and gas blocks around the Caspian Sea, with some blocks only available to state-run companies. Kazakhstan has proven oil reserves of about 4.1 Gt and gas reserves of around 1,800 bcm, with most of the oil potential located in the west of the country.
By Ainar Marbaev
February 18, 2023
Kazakhstan Ushers in New Oil Investment And Improves Its Oil & Gas Investment LawsKazakhstan's economy heavily relies on its oil and gas industry, which has been positively impacted by the recent trend of higher oil prices. Under the leadership of President Tokayev, the country has implemented improvements to its investment policy and legislation to make it more attractive for foreign investors. Recognizing that fair dispute resolution is a critical requirement for investment, the government has prioritized enhancing its rule of law and ensuring transparency and procedural integrity in the oil and gas sector.
