US investment in Kazakhstan’s energy sector surpasses $60bn

Key topics of the discussions included ensuring global energy security, developing alternative export corridors, and strengthening investment cooperation.

During the talk, the sides noted the strategic nature of the 32-year partnership in the oil and gas sector. The total volume of American investments in Kazakhstan's energy sector has surpassed 60 billion US dollars. American corporations ExxonMobil and Chevron are key partners in implementing the country’s largest infrastructure projects - Tengiz, Karachaganak, and Kashagan. These fields currently account for about 70% of the total volume of oil production in Kazakhstan, and the projects themselves provide a significant portion of the global production of American majors.

Akkenzhanov stressed the government's commitment to creating stable conditions for the long-term development of these assets and increasing their production capacities in accordance with the planned objectives.

The ministers paid special attention to logistics issues and guarantees of uninterrupted supply of energy resources to global markets. The head of the ministry highlighted the role of the Caspian Pipeline Consortium (CPC) as the main export route, transporting about 2 percent of the world’s oil supply. The Kazakhstani side confirmed its readiness for a pragmatic dialogue with all participants in the process to ensure reliable transit of raw materials. The participants of the meeting positively assessed the joint efforts to maintain the non-sanctioned status of the pipeline, which is a fundamental condition for maintaining balance in the global energy market.

Alongside utilizing basic routes, Kazakhstan is actively diversifying its export directions. In particular, the meeting discussed the development of the Trans-Caspian international transport route using the Baku-Tbilisi-Ceyhan (BTC) system. It is expected that the volumes transported along this route will increase to 2.1 million tons per year in the near future. The Kazakh energy minister expressed readiness to work with American investors to maximize the transport potential of the Caspian Sea for delivering raw materials to international markets.

In conclusion, Akkenzhanov noted that Kazakhstan possesses enormous natural resources and is open to deepening technological partnerships. Coordination of actions and the exchange of best practices will strengthen the economic growth of both countries in the spirit of mutual trust and pragmatism.

Earlier, Qazinform reported Kazakhstan and ExxonMobil align project objectives at the Houston oil forum.