Kazakhstan is expected to extract 89 million tons of oil this year, APA reports referring to Kazakh TV.
The extraction works will be continued in Western Kazakhstan by local and foreign oil companies based on an agreement that Kazakhstan’s Energy Ministry extended with three foreign enterprises.
The parties have committed to develop the Dunga Oil field, which is located in Mangystau region until 2039.
The field development will extract an additional of 9 million tons of oil. The field began its trial operations in 2000 and has been under full-fledged development since 2007.
According to Kazakh Energy Minister, Kanat Bozumbayev, the third development phase for this oil field will be implemented at the cost of investors and is worth about US$300 million. The oil extraction will increase by about 20% to 25% in this field.
Based on the new agreements, the investors agreed that 15% of extracted oil will be allocated to the local market.
Foreign investments play a very important role in the economic development of any country. Kazakhstan attracted US$320 billion of direct investment over the years of independence.
Last year, the global investment attraction rate has decreased by 27%, whereas Kazakhstan managed to retain and increase the value.
The President of the European Bank for Reconstruction and Development, Suma Chakrabarti provided an expert opinion on the way investments are operated in Kazakhstan.
“We measure our impact by the quality of our investments rather than just quantity. We are long-time supporter and long-time enabler of Kazakhstan’s shift from a low-carbon to a low carbon and climate-resilient economy. This year alone, we and our partners have signed three new renewable energy projects,” he said.
Meanwhile, Kazakhstan proved to be a country which offers favorable investment climate and is currently one of the leaders in terms of foreign capital attraction.