№ 5 (49), 2011 - KazEnergy

actualA high growth potential of hydrocarbon reservesstill remains. This is, primarily, dueto the fact that at present in some depositsthere are held exploratory investigations,works on forecasting and identifying newprospective oil and gas fields, on accelerationof their exploration, development and puttinginto operation, in particular, in subsurfaceof Caspian and Aral seas. The growth ofresource potential is associated with regionalseismic operations held in the Northern,Central and Southern Kazakhstan.Oil and gas industry of Kazakhstan is stillin the zone of active growth, along with thepreservation of its high investment attractiveness.One of the favorable factors for thisis the positive dynamics of development ofa global oil and gas market, stipulating expandedopportunities for products sales inexternal markets and the availability of excessfinancial liquidity affordable for investmentto exploration and productionKazakhstan is the second largest state afterRussia on oil production among CIS countries.Overall production in 2010 totaled 79.7million tons, or 104.2% in relation to 2009, ofwhich 71.2 million tons were sold for export.It should be noted that for 20 years of independentdevelopment the oil production inthe country increased more than threefold.The government expects to increase totalproduction to 95 million tons up to 2015. Accordingto the "World Energy Outlook 2010"of International Energy Agency, in 2020Kazakhstan will join the world's ten largestexporters of oil and gas - it is planned to produce132 million tons of oil in the country,including the beginning of active exploitationof the Caspian offshore fields.Kazakhstan places great prospects for theexpansion of production capacity of a numberof already existing fields, first of all Tengiz(from 25.9 to 36 million tons per year by2016), and the commissioning of the Kashaganfield (start of production according tothe plan – in the end of 2012).It is worth noting that foreign oil and gascompanies from the EU, U.S., Russia, Chinaand other countries are actively representedin the field of oil exploration and production,mainly due to the favorable investment climateof Kazakhstan and openness of the industryfor foreign participation. In fact, thevery participation of foreign oil companieshas allowed Kazakhstan to rapidly introduceinto commercial operation such majorprojects as Tengiz, Karachaganak and others.Until today foreign investors determinethe dynamics of oil and gas sector of thecountry.For example, 60% of 107 billion dollars of investmentsto domestic oil and gas sector forthe last 10 years fell on projects with foreigncompanies. These projects have provided aproduction of about 56 million tons out of79.7 million tons of oil and condensate producedin the country last year.However, Kazakhstan has a priority in theexpansion of state participation in oil andgas projects, strengthening the responsibilitiesof foreign investors in the social sectorand local content. The new conditions requirefrom foreign investors a clearer formulationof the investment strategy that takesinto account the interests of Kazakhstan asoil producing state and its long-term developmentgoals.The dynamics ofoil productionin Kazakhstan(million tons).Sources: Ministryof Oil and Gasof the Republicof Kazakhstan,Statistics Agencyof Kazakhstan.over 50% of oilreserves areconcentrated in 3largest fields: Tengiz,Kashagan, andKarachaganak.42 № 5 (49), 2011