Our View: Although prolonged delays at the Kashagan field are continuing to suppress Kazakhstan’s huge underground potential, we maintain a positive longer-term outlook for the country’s oil and gas sector, which is expected to see its oil and gas production levels nearly double over our forecast period to 2024.
Key developments in Kazakhstan’s oil and gas industry:
According to announcements in late December 2014, Kazakhstan-based Tengizchevroil (TCO) is looking to diversify its oil export routes to maximise its return on product sales.
TCO’s licence area covers the Tengiz and Korolev fields, and several other promising areas for exploration in Kazakhstan.
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