Expert: Kazakhstan looks for alternative to Kashagan oil

Baku, Azerbaijan, Jan. 29
By Elena Kosolapova - Trend:

Kazakhstan is trying to compensate for the drop in oil revenue through development of new fields as oil production from the Kashagan field is once again postponed, senior researcher at the Institute of Economics of the Kazakh Ministry of Education and Science Oleg Yegorov said on Tuesday.

"The hope for Kashagan, has not materialised," he told Trend over the phone on Tuesday. "Even last year, there was hope of extracting oil from Kashagan. Certain income from the sale of oil extracted there was laid in the budget, but it did not happen."

"The failure in Kashagan is one of the main reasons that Kazakhstan decided to cancel a moratorium on the development of new hydrocarbon fields that have been in existence since 2008 and put them up for the tender on the subsoil use right," he said.

He recalled there are several structures found during the Soviet era. Previously, these were put for the tender and they can give a lot of oil.

"We are to begin examining the sea thoroughly, while there are onshore structures that may contain considerable oil reserves," he added. "This is evidenced for example in the old Makat field. New oil reserves were discovered in the Sagiz area."

"However, foreign companies do not show interest in small fields," he said. "Kazakh private companies show interest in them. The foreign companies show interest in large fields with large oil volumes."

Moreover, Kazakhstan shows an interest in changing the unfavourable conditions in the production sharing agreements on Kashagan and Karachaganak.

"It would be beneficial for Kazakhstan to reconsider quotas for production and strengthen the companies' responsibility for the field development," Egorov added.

"Perhaps, Kazakhstan will be ready to renew the contracts on these fields on the terms of reconsidering the contracts," he added.

Earlier, Prime Minister Serik Akhmetov said that Kazakhstan is ready to extend the term of contracts for oil production on big projects under certain conditions.

Translated by NH
Edited by SM

Deposits value denominated in national currency surges in Kazakhstan
Deposits value denominated in national currency surges in Kazakhstan
Kazakhstan boosts imports from Portugal despite COVID-19
Kazakhstan boosts imports from Portugal despite COVID-19
Kazakhstan's coal extracting venture to opens buy to buy spares
Kazakhstan's coal extracting venture to opens buy to buy spares
Loading Bars
Latest
Final results of market test to double TAP’s capacity due in October
Iranian currency rates for January 28
Azerbaijan's Parliament to approve new document on visas between Azerbaijan and Turkey
TAP will also be able to transport hydrogen in future – managing director
Deposits value denominated in national currency surges in Kazakhstan
Russian Aeroflot announces cancelation of regular flights to Azerbaijan
Azerbaijan extends date of implementing amendment on new construction requirement
Azerbaijan releases footage of Kalbajar's Alybayli village (PHOTO/VIDEO)
Uzbekistan reveals COVID-19 data for January 28
No virus detected in Azerbaijan's tomatoes export in 2020 - Food Safety Agency
2021 total liquids demand to be higher than 2020 annual level
Kazakhstan boosts imports from Portugal despite COVID-19
Azerbaijani-Uzbek trade turnover grows in 2020 despite pandemic
Turkmen company exceeds salt extraction plan
Kazakhstan's coal extracting venture to opens buy to buy spares
Oil falls on demand fears, strengthening dollar
Subsidiary of KazMunayGas to buy electrodes via tender
OPEC+ compliance could wane with oil demand recovery
Land plots in Baku drop in price
Russian Gazprombank talks factors for revising S&P rating on Azerbaijan to 'positive'
Germany will continue its close regional cooperation with Azerbaijan - Federal Foreign Office
Germany intends to increase co-op with Azerbaijan in renewable energy - Federal Foreign Office
Apple says new privacy notifications to roll out in 'early spring'
Iran seeks to eliminate USD in trade with Eurasian Economic Union
New carpet factory to open in Azerbaijan
NASA's Perseverance rover to land on Mars next month
Iran ready to help Kenya on knowledge-based companies
Georgian border police receives troop carriers, fuel trucks, off-road vehicles from US
Kyrgyz citizens legally working in Turkey to be able to receive pensions and benefits there
1,413 new COVID-19 cases recorded in Kazakhstan in 24 hrs
Saudi flagship investment forum calls for excellent credit solutions to global debt problems
Italy decreases import of petroleum oils from Kazakhstan amid COVID-19
EU demands AstraZeneca plan to break vaccine deadlock
Tesla profit, foggy outlook on 2021 deliveries disappoint Wall Street
Inflation converges to targeted value at end of 2020 in Georgia
Chile approves emergency use of Oxford-AstraZeneca COVID-19 vaccine
UK PM Johnson heads to Scotland amid fears of break up of UK
Europe lifts safety ban on Boeing 737 MAX jet
Mexico's richest man Carlos Slim hospitalized with COVID-19
Biden administration temporarily holds some U.S. weapons exports
Kazakhstan boosts exports to Uzbekistan despite COVID-19
Footage of cemetery destroyed by the Armenians in Azerbaijani village of Saray, Gubadly region (PHOTO)
President Aliyev congratulates re-elected President of Portugal
Turkey registers more than 7 400 new coronavirus cases
Russian bank in talks with Iran to boost currency exchanges
Dressing rooms to work, exchange of goods to be allowed in shopping malls starting February 1
EBRD to oversee more SMEs support programs in Kazakhstan in 2021
Trade, economic and investment cooperation between Kazakhstan and Ecuador expanding
German gov't lowers economic forecast for 2021 to 3 pct
Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline
Armenia’s Metsamor nuclear plant poses potential threat to region – ombudsman
Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijani State Oil Company to enter new stage of development - minister
Meeting of trilateral group on Nagorno-Karabakh region may be held soon - Russian MFA
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Liberating Azerbaijani territories formed new regional reality - Turkish Security Council
Azerbaijan releases footage of Fuzuli district's Khalafsha village (PHOTOVIDEO)
Azerbaijan electricity provider opens tender to attract various services
Depreciation of Georgian REER associates with domestic export goods gaining competitiveness
Kazakhstan's entrepreneurship dev't fund to unite efforts with WB in SMEs support
Work on increasing level of drinking water supply to Uzbek regions continues
Coty to consolidate fragrance manufacturing operations, close Cologne factory
US companies ready to take part in restoration of Azerbaijan's liberated lands (PHOTO)
Кazakh Electricity Grid Operating Company to opens tenders buy spares for vehicles
Turkish low-cost airline eyes to link countries of religious tourism with Uzbekistan
Eurasian Development Bank setting up top priorities for this year’s strategic period
Georgia sees recovery in remittance inflows
National Bank of Georgia sells funds at foreign exchange auction to stabilize lari
EBRD continues supporting SMEs dev't in Kazakhstan
Kazakhstan reports increase in trade with Denmark
Azerbaijani Foreign Ministry grateful to Turkish side
Iran’s Bahar Azadi gold coin rebounds in price
Azerbaijani government's digitalization to favor creation of various projects
Volume of cargo loaded, unloaded in Iran’s Khorramshahr port announced
Iran to launch new projects in tourism, power industry, agriculture fields
Trilateral statement on Karabakh being implemented consistently - Putin
Georgia sees slight increase in export of precious metals - ISET-PI
Contribution to GDP structure of Turkmenistan’s industrial sector revealed
SOCAR Turkey, Middle East Technical University to carry out chemical recycling of plastic waste
Housing prices in Baku decrease
Georgia presents great investment opportunities - Spanish Foreign Ministry
Azerbaijani FM, OSCE MG co-chair from France exchange views on situation in region
JPMorgan to launch UK consumer bank within months
Iranian banks issue big loans to agricultural sector
Azerbaijan liberated its lands from occupation and new opportunities opened up - assistant to president
State Property Service of Azerbaijan to auction small enterprises
Azerbaijan confirms 601 more COVID-19 recoveries
Azerbaijan benefited from cooperation with Turkey in Patriotic War - President's assistant
Houses destroyed by Armenia in Azerbaijan's Tartar being restored - Trend TV reports
Turkmenistan’s Turkmennebit SC names amount of work performed at trust
Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador
Russia remains main exporter of Uzbek textile production
Relationship between Azerbaijan and Turkey - eternal - Azerbaijani president's aide
Uzbekistan’s Statistics Committee, IMF discuss national strategy for statistics dev’t
Demand for Azerbaijani CBA's short-term notes exceeds supply fourfold
Boeing 737 MAX safe to return to service in Europe
Spending on gas exploration declined in 2020
UK voices interest in restoring electric energy sector in Azerbaijan's liberated areas
Armenians built several villas for themselves in Shusha. One of villas belongs to leader of junta, another - to wealthy, corrupt official - President Aliyev
Shuakhevi HPP to play important role in decreasing Georgia’s dependence on imported electricity
All news