Kazakhstan’s oil service market to accommodate $200 billion investments in the following 13 years

Investments into the Kazakhstan’s oil service market in the nearest 13 years will make up over $200 billion, Oilnews.kz reports.

According to Yerlan Muratov, Vice Chairman of the Board at Kazakhstan Engineering National Company, speaking at the VII Astana Economic Forum, investments for the period into Tengiz oil&gas field will reach $27 billion, with another $21 billion being injected into Karachaganak, $91 billion into Kashagan, $25 billion being invested into so-called mature assets and another $48 billion into new oilfields.

According to him, at least 50 000 jobs will be created to accommodate Kazakhstan’s workforce.

Lagging behind training of domestic engineering staff, lack of orders placed with local machinery building and engineering companies, and poor involvement of local producers of pipes into major projects have been cited as major problems the national oil service market is facing.