Kazakhstan´s oil & gas industry attracts $121.6 billion since 1996

Nur-Sultan, May 20 - Neftegaz.RU. Since 1996, 52.2 trillion tenge ($121.6 billion) of investments, were allocated for the development of the oil & gas sector, said Geology Committee Chair of the Kazakh Ministry of Ecology, Geology and Natural Resources Talgat Satiyev, The Astana Times has reported

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

Talgat Satiyev said:

• The highest proportion of oil reserves – 4.4 billion tons, gas – 2.1 trillion m³, condensate – 416.2 million tons are concentrated in the Atyrau Region – around 75 % and in the Mangystau Region – 11 %
• The 3 largest deposits Karachaganak, Tengiz and Kashagan have 68 % of hydrocarbon reserves

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, 3 major oil & gas operators Karachaganak Petroleum Operating, Tengizchevroil, and North Caspian Operating company created the International Center for the Development of Oil & Gas Engineering (IMB Center).
With the support of Chevron, Total, and ExxonMobil, the IMB Center began its work in April 2021.