Kazakhstan planning PPP Eurasia oil consortium to boost reserves

Karachaganak oil field Kazakhstan

Kazakhstan is planning to set up to a public-private Eurasia  oil consortium to develop its hydrocarbon infrastructure, its  Vice Minister of Energy Uzakbay Karabalin told a press conference in Astana today. The idea behind the new entity was to create attractive conditions for FDI into the country’s energy sector and by doing so to double the size of its oil and gas reserves, he explained. According to his  Ministry’s own figures about 80% of Kazakhstan’s hydrocarbon deposits are concentrated in the Caspian area, and its onshore oil reserves are being  gradually and constantly depleted, which is lowering production rates – and increasing the cost of extraction.

Source: AKIpress