Opportunities in Kazakhstan’s Growing Energy Sector
Did you know that Kazakhstan is the biggest energy producer after Russia among the former Soviet republics? The country plans to produce 81.8 million metric tons of oil this year, which equates to about 1.65 million barrels a day.
Once the $50 billion Kashagan project, the country’s biggest oil field, located in the Caspian Sea, is up and running again, Kazakhstan could enter the top ten global oil exporters.
The energy-rich country has also recently reported setting new goals to develop the production and processing of hydrocarbon resources and electricity. This forms part of the government’s latest concept for the development of the country’s fuel and energy complex, in which there are plans to invest around $2 billion.
Kazakhstan ranks 12th in the world for its oil reserves, and 20th for gas reserves. The country has plans to increase the gross volume of oil and condensate production to nearly 112 million tons by 2030. In order to increase the volume of its hydrocarbon reserves, particularly in the Caspian basin, Kazakhstan authorities know that attention to the subsoil use and geological exploration needs to be increased.
Kazakhstan’s Oil and Gas Ministry plans to implement a package of measures, including increasing the ration of oil production, carrying out measures on innovational development, and establishing a research support infrastructure.
What does this mean for UK SMEs?
If your SME could hold the key to resolving some of the issues faced in the energy sector in Kazakhstan right now or to improving production efficiency, potential to become a part of the success story is immense. With the right advice, tapping into the export market to Kazakhstan could transform your business.
Contact us today if your SME is ready to take the next step.