World Petroleum Council meeting in Astana
Kazakhstan will present its investment capacities in the oil and gas industry at a specialized congress in Houston in 2020. Preparation to this event was discussed at the World Petroleum Council meeting in Astana. The event is held in Kazakhstan for the second time since 2012. The meeting is attended by the executives of the largest oil holdings from 30 countries.
TALGAT KARASHEV, EXECUTIVE DIRECTOR FOR INTERNATIONAL COOPERATION, KAZENERGY:
- At this conference, we would like to present Kazakhstan’s investment climate, taking into consideration the fact that last year we adopted the new Code on Subsoil Use and the Tax Code. We would like to inform all the WPC member states about Kazakhstan’s new potential to attract more investments to the industry.
Kazakhstan is set to attract investments in geological exploration. About 80 per cent of oil produced in Kazakhstan is extracted at three large oil fields, Karachaganak, Tengiz and Kashagan. Local experts say that the reserves are enough for decades, but the country needs to explore new fields. They are confident that changes in legislation will attract additional funds and large international companies.
RUSTEM KABZHANOV, EXECUTIVE DIRECTOR, KAZENERGY:
- One of innovations is a topic of holding auctions for the purchase of subsoil use rights. It will allow companies to understand their options better. This is a transparent option for acquiring the rights to subsoil use. The competing companies can become winners and work on their production plans.
Kazakhstan plans to produce more than 100 million tonnes of oil annually by 2025. According to forecasts of the International Energy Agency, by 2023 the volume of the global demand for oil will increase by nearly 7 million barrels. Almost a quarter of its consumption will account for the petrochemical industry. This area is considered as one of the most promising in Kazakhstan.