News about Oil

Kazakhstan was late to start modernizing its oil refineries: Minister of Oil and Gas Sauat Mynbayev According to him, timely expansion of the capacities could neutralize price fluctuations and fuel shortages in the domestic market.

04 October 2011

FDI to slightly diminish in 2011 due to decreasing investments into Kashagan oilfield At the same time, according to him, “foreign investments into the processing sector are growing”.

03 October 2011

Economy growth to make up 3-4% in case of pessimistic scenario In case oil stands at 60%, the growth rate figure will make up 5-6%: Economic Development Minister Kairat Kelimbetov.

26 September 2011

APC fined Sinooil 3 million tenge Agency for Protection of Competition fined Sinooil over 3 million tenge.

19 September 2011

Kazakhstan’s Government raises export duty on petroleum products The new export duty rate comes into effect September 27.

19 September 2011

President Nazarbayev visits D island at Kashagan giant oilfield The field was discovered in 2000 and was one of the larger discoveries in that decade, it is estimated that the Kashagan Field has commercial reserves from 10 billion barrels.

17 September 2011

Pipeline repaired in north Kazakhstan Oil pipeline TON-2 (Taimys-Omsk-Novosibirsk) has been successfully repaired in North-Kazakhstan oblast.

16 September 2011

Information about Kazakh oilman missing in Mexican Gulf not confirmed Information about a Kazakh oilworker missing after Tropical Storm Nate in the Mexican Gulf was not confirmed.

16 September 2011

Kazakhstan announces Jan – Aug gas and crude oil production output Earlier Tengrinews.kz reported that Kazakhstan plans to boost oil production to 102 million tons by 2016.

14 September 2011

Oil spilled from pipeline in North Kazakhstan A pipeline rupture caused a 200 cub.m oil spill in the area of 1,000 sq.m.

14 September 2011

Petrol output dropped 14 percent in Kazakhstan Petrol production made 1.7 million tons in January-August 2011 in Kazakhstan.

13 September 2011

New oil field discovered in Kazakhstan Exploration well reached 1,406 meters, where 27 meters of oil and gas deposits were discovered.

12 September 2011

Kazakhstan plans to boost oil production to 102 million tons by 2016 According to the stats, crude and condensed gas production output for the first 7 months totaled 46.6 million tons.

12 September 2011

Kazakhstan hopes to join Karachaganak project within a month: Timur Kulibayev With its 1.2 billion tons of oil and condensed gas and 1.35 trillion cubic meters of gas, Karachaganak is one of the largest O&G fields in the world. Karachagank accounts for 49% of all the gas production and 18% of oil production in Kazakhstan.

07 September 2011

PM Azarov of Ukraine to come to Kazakhstan on an official visit According to Kazakhstan’s Vice Foreign Minister Zhumabayev, Kazakhstan is interested in transporting its oil across Ukraine to third countries as well as in using Ukrainian sea ports.

31 August 2011

Assets of National Oil Fund to reach $72.5 billion by 2015 Assets of the National Fund as of the end of July totaled $38.72 billion.

28 August 2011

Kazakhstan Government has no plans to raise export duty on crude: Finance Minister According to him, the issue of raising export duty on oil is not considered in the draft three-year budget.

27 August 2011

KazMunayGas and KC Kazakh B.V. of South Korea agree on a drill rig at jointly developed Zhambyl oil block Early next year the drill rig will be delivered to the Caspian Sea in separate blocks.

25 August 2011

KazMunayGas announces H1 2011 results The Company accounts for 65% of overall oil transportation, 100% of gas transportation, 50% of tanker transportation in Kazakhstan. 100 per cent of the Company’s shares belong to the National Sovereign Wealth Fund Samruk-Kazyna.

23 August 2011