Reasons for UK's BP leaving Kazakhstan revealed

Oil&Gas Materials 15 March 2021 11:57 (UTC +04:00)

BAKU, Azerbaijan, Mar. 15


Deputy Chairman of the Board for Economics and Finance of Kazakhstan’s NC KazMunayGas JSC (KMG) Dauren Karabayev revealed reasons for British Petroleum’s (BP) leaving Kazakhstan, Trend reports referring to Kazakh media.

"British Petroleum hasn’t been present in our country for quite a long time. The company withdrew from the Karachaganak and CPC (Caspian Pipeline Consortium) projects in 2009 due to that time's strategy," said Karabayev during an online briefing, answering questions from journalists.

The speaker noted that in 2019 BP expressed a desire to consider potential entry into oil and gas projects in Kazakhstan.

"The efforts of the current management of KazMunayGas were aimed at considering and finding some opportunities for cooperation with British Petroleum because this would be an absolutely positive factor for KMG and the entire oil and gas industry of Kazakhstan," he pointed out, adding that afterward a memorandum of cooperation and understanding was signed with the UK's company.

"In May 2019, the company only considered a potential entry into oil and gas projects onshore and offshore but didn't enter into any projects. Recently, due to the change in the oil price, with the coronavirus pandemic, it has adjusted its plans, apologizing to us in its letter and notifying that in the near future it wouldn’t consider the implementation of projects in Kazakhstan," reminded Karabayev.