Kazakhstan will simplify laws to attract investments to exploration - 3rd Int'l Oil and Gas Conference

In Kazakhstan's oil production in 2020 will increase from current 80 million tonnes per year to 130 million. A significant share of the growth will come from offshore fields. But it requires a huge investment. On how to attract them in Kazakhstan and other Caspian countries were speaking the participants of the conference.

As underlined by international experts and representatives of oil companies, it is important that the Government of Kazakhstan, the Head of State personally, ensured security for investments and the terms of contracts. That helps to increase the flow of investment into the country by multinational energy companies. But it is mainly investing in proven deposits, stocks of which have been known since the time of the Union. Now investments are needed into exploration. And it is quite different: the exploration does not always end with discovery of a promising new field. Each is a "dry" well, especially in the sea, there are millions of wasted money. Therefore, in order to have a further increase in reserves, it is essential to encourage companies to take up exploration.

"In this regard, at the Ministry of Industry and New Technologies great work is being done to prepare amendments to the legislation for investments into exploration have become more attractive for investors", says General Director of the KAZENERGY Association Asset Magauov.