Kazakhstan Oil and Gas Industry
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In a recent development for Kazakhstan oil and gas industry, Mittal Investments Sarl has entered into a preliminary contract that allows them to explore oil and gas resources at Satyapev region, which is located near Caspian Sea Kazakhstan. This deal was announced on 24th of January 2009. KazMunaiGaz, which is a publicly held oil and gas of Kazakhstan is other signatory of this oil and gas exploration contract.
In a recent development for Kazakhstan oil and gas industry, Mittal Investments Sarl has entered into a preliminary contract that allows them to explore oil and gas resources at Satyapev region, which is located near Caspian Sea Kazakhstan. This deal was announced on 24th of January 2009. KazMunaiGaz, which is a publicly held oil and gas of Kazakhstan is other signatory of this oil and gas exploration contract.
As per latest news from oil and gas industry of Kazakhstan, an invitation has been extended to Indian Oil Corp and GAIL to hold a discussion regarding possibilities of establishing a major petrochemical unit in Kazakhstan. Reports from oil and gas industry at Kazakhstan have confirmed that Kazakhstan is second nation following Qatar in extending such an invitation to GAIL.
In recent years Kazakh oil and gas industry has been involved in a number of collaborative and developmental projects with its Indian counterpart. Much of these efforts have been possible because there are plenty of oil and gas reserves in Kazakhstan for past 75 years.
In a new development for Kazakhstan oil and gas industry, KazMunaiGaz has declared during January 2009 that it has bought a major share in MangistauMunaiGaz, which is a state owned oil and gas company of Kazakhstan as well.
British Petroleum has declared that it would lend its support to enlargement of Caspian Pipeline Consortium pipeline only if its share in this venture is not affected in any way. As per November 2008 reports from Kazakhstan oil and gas industry, Kazakh government is supposed to deduct export tariffs for crude oil by 34 percent.
This step has been taken so that domestic producers of oil in Kazakhstan make more profits. As per Sauat Mynbayev export tariff for crude oil would be deducted to $130 per tonne from $210 per tonne. There would be reductions in export duties imposed on fuel oil. Rates would be brought down to $95 per tonne from $130 per tonne.
During October 2008 Agip KCO consortium and Kazakhstan oil and gas industry have reached a workable situation regarding development of Kashagan oil field. Since 2007 there have been some contentious issues between these two parties such as delays and gradually increasing expenses.
