Vice minister: Investments in development of oil resources in Kazakhstan total $114bln for last five years

Oil&Gas Materials 16 June 2011 22:39 (UTC +04:00)

Kazakhstan, Astana, June 16 /Trend, A.Maratov/

Over the past five years, the amount of investments in the development of oil resources in Kazakhstan totaled $114 billion, the Vice-Minister of Oil and Gas of Kazakhstan Berik Tolumbaev said today, speaking at the Oil and Gas Conference "Development of the Caspian shelf."

"During the period of 1996-2010, annual investments in the hydrocarbon raw materials amounted to slightly over $114 billion, of which $15 billion was directed to conduct exploration work," said Tolumbaev.

According to him, for the reported period, the annual investments grew more than 17 times and by the end of 2010 amounted to more than $16 billion, including nearly $1.5 billion on exploration.

"The total investment for the development of oil and gas projects in Kazakhstan's Caspian sector amounted to about $39 billion. For example, in August 2010 the investment for the first phase of development of the largest oil field Kashagan amounted to more than $22 billion," said the vice-minister.