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Kazakhstan tends to get into the world’s top-10 largest oil producers

A group of companies is going to invest into the development of Tengiz oil field.

25.Jul.16 7:40 AM
By Alesya Davydova


Kazakhstan tends to get into the world’s top-10 largest oil producers

A group of oil companies led by Chevron is going to make a virtually unprecedented investment into the development of Kazakhstan’s Tengiz oil field. Global Risk Insights has learnt that the sum of the deal may reach $36.8 billion. The project will become a great luck for Astana, where just a small number of projects have been cemented in recent years – and the largest of the year so far.

Experts are sure that such a sizable investment will definitely draw the neighbors’ attention to Kazakhstan as it will mean that Astana is becoming a more powerful player on the oil market of the region. Increased production and exploration will turn become a key component of the developing trans-Asiatic trade environment.

Between 2004 and 2014 Kazakhstan has increased its annual output from 59.5 to 81.8 million tons. The country’s government plans to reach 130 million tons per year by 2020 to get the world’s top-10 largest oil producers.

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