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Kazakhstan is expected to mine 89 million tons of oil this year

Posted by:Rain Time:2019.07.31 20:25

According to reports, Kazakhstan is expected to extract 89 million tons of oil this year. According to an extended cooperation agreement between 

the Kazakhstan Ministry of Energy and three foreign companies, local and foreign oil companies will continue to extract oil in the western part of 


The parties promised to develop the Dunga oil field in the Mangstow area by 2039. The development of this field will also produce 9 million tons of 

oil. The Dengjia oil field began trial production in 2000. The oil field has been in full development since 2007.

Kazakhstan Energy Minister Kanat Bozumbayev said that the third development phase of the Dunga oil field will be costed by investors and will require 

an investment of about $300 million. The oil recovery rate of this oil field will increase by 20% to 25%.

On the basis of the new agreement, investors agreed to allocate 15% of the mined oil to the local market. Foreign investment plays a very important 

role in the economic development of any country.

Kazakhstan’s independence has attracted $320 billion in direct investment over the years. Last year, global investment attractiveness fell by 27%, while 

Kazakhstan successfully retained and increased the value of investment.

Suma Chakrabarti, President of the European Bank for Reconstruction and Development, provided expert advice on the way in which Kazakhstan operates. 

He said: "We use the quality of investment rather than quantity to measure our impact. We have long supported Kazakhstan from a low-carbon economy 

to a low-carbon, climate-adapted economy. This year, we and our partners signed three. A new renewable energy project."

He said: "Kazakhstan is also a country with a good investment environment and is currently one of the countries that attract the most foreign investment 

in the world."

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