ASTANA, Kazakhstan, March 19. Kazakhstan stands ready to explore the involvement of international companies in implementing projects on both the terrestrial and shelf areas of the Caspian Sea, said Chairman of the Management Board of KazMunayGas JSC NC (KMG) Magzum Mirzagaliyev, Trend reports, referring to the company.
Mirzagaliyev made the statement during the In Focus: Oil and Gas Resource Development panel session at the CERAWeek conference in Houston.
"We are ready to consider the participation of international companies as partners in the implementation of projects onshore and offshore the Caspian Sea," he emphasized.
The chairman also emphasized that Kazakhstan has great potential for hydrocarbon resources, and significant reserves in the Caspian basin are still undeveloped.
He stated that the government remains committed to continuing to attract foreign investment in the oil and gas sector. Consequently, in line with the instructions of the President of Kazakhstan, more appealing tax and regulatory incentives for exploration and gas projects (the Improved Model Contract, or IMC) have been implemented starting in 2023. IMC encompasses offshore and gas projects, along with complex onshore production projects.
"These modifications present exclusive prospects for oil and gas investors to initiate exploration and development endeavors. On February 6, 2023, Kazakhstan marked a significant milestone by signing its inaugural contract for hydrocarbon production under the terms of the IMC for the Kalamkas Sea, Khazar, and Auezov projects, set to be undertaken in collaboration with a strategic partner," Mirzagaliyev added.
CERAWeek, hosted by the information and analytics firm S&P Global in Houston, Texas, stands as the premier annual energy conference. In 2024, CERAWeek delves into strategies for navigating a multi-faceted, multi-paced, and multi-energy transition.
The conference convenes an array of delegates from across the globe, including energy executives, representatives from energy firms, policymakers, and experts in energy, finance, environmental studies, and other pertinent fields.
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