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#4 (136), September 2022 To increase

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#4 (136), September 2022

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Early Elections Again. Will they solve the country’s problems?

Early Elections Again. Will they solve the country’s problems?

On September 1, President Kassym-Jomart Tokayev announced a Message to the people of Kazakhstan in Parliament. In the economic block of his address, he stated the need to stimulate private entrepreneurial initiative and move away from state capitalism and excessive state intervention in the economy, proclaiming a course for the development of competition as ensuring equal opportunities for all. According to him, the state will gradually abandon pricing regulation in all industries and spheres, except for non-competitive markets.

A Quarter of a Century of CNPC in Kazakhstan: a Course for Further Fruitful Cooperation

A Quarter of a Century of CNPC in Kazakhstan:  a Course for Further Fruitful Cooperation

Li Yonghong, CNPC Vice President for Central Asia and Russia, General Director of CNPC in Kazakhstan, answers Petroleum's questions. 

– Dear Mr. Li Yonghong, first of all, let us congratulate you on a significant date – the 25th anniversary of the CNPC Corporation in Kazakhstan. With the arrival of CNPC in our country in 1997, comprehensive cooperation between Kazakhstan and China in the oil and gas sector began. 

Oil Kazakhstan in the New Reality: Risks and Opportunities

Oil Kazakhstan in the New Reality: Risks and Opportunities

The geopolitical situation in the world that changed after February of this year has created new risks for Kazakhstan's oil and gas industry, which has just begun to recover after the Covid crisis of 2020-21.

Kioge-2022

KPO Reports Half-year Performance Results

Karachaganak Petroleum Operating B.V. (KPO) announced its performance results for the first half-year period of 2022.  Over this period, KPO produced 71.4 million barrels of oil equivalent of stable and unstable liquid hydrocarbons, export raw gas and sweet fuel gas. In addition, 5.7 billion cubic meters of raw gas were injected into the reservoir, which accounts for 54.3 per cent out of the total gas produced in the field.

What is Chevron Direct Investment Fund and How it functions?

What is Chevron Direct Investment Fund and How it functions?

Chevron Direct Investment Fund Ltd. (CDIF) is Chevron’s investment vehicle to support Kazakhstan’s economy by investing into commercial local enterprises across various industries, including but not limited to manufacturing, works and services in oil and gas industry, environmental stewardship, information technologies, including digital technologies. The fund is valued at $248.5 million.

Launching the Low Carbon Solution Business

Launching the Low Carbon Solution Business

ExxonMobil established its Low Carbon Solutions business in early 2021, leveragine ites uniaque combination of capabilities such as geophysics expertise and complex project management to establish a new business in carbon capture and storage, hydrogen and biofuels to accelerate emission reductions for customers and in its existing businesses.

NCOC Brings Digital Solutions to Operators’ Work

NCOC Brings Digital Solutions to Operators’ Work

NCOC as one of the major oil producers in Kazakhstan is interested in continuous improvement of the safety and situational awareness of operators in the field. Operator rounds and maintenance inspections in oil & gas industry play an essential role in improving plant reliability and safety. Replacing paper checklists with digital technology has enormous potential in terms of better analysis and management of data. Paper based work is challenging since the paper records are not easily accessible and hard to read, which could lead to incorrect decisions from outdated, inconsistent, or incorrect data.

Powering Youth

Powering Youth

For the majority of international companies, employees are the key asset. Unfortunately, not everywhere human capital development gets deserved attention, with companies focusing their efforts on other areas, like facilities and operations. At the same time, it is hard to dispute the fact that even the “smartest” artificial intelligence can ever outmatch a sophisticated human intelligence or its creative potential.

Kazakhstan Transfer Pricing News

Kazakhstan Transfer Pricing News

Transfer pricing control for tax purposes gain more importance for Kazakhstan taxpayers from year to year. This is due to the increased frequency and thoroughness of tax audits on transfer pricing issues and tightening of control by tax authorities. This is a global trend which is largely based on recommendations developed by the Organization for Economic Co-operation and Development. Kazakhstan actively cooperates with this organization on various areas, including transfer pricing.

Revolution in the Gas Market

Revolution in the Gas Market

On July 18, the Government of Kazakhstan approved a Comprehensive Plan for the development of the country's gas industry during 2022-2026.

It defines the vision and main approaches to the phased reform and integrated development of the gas industry of the Republic of Kazakhstan until 2030. The implementation of the plan will make it possible to develop new approaches to regulating the gas market in the country, create conditions for attracting investments in the gas industry, expand the resource base to increase the production of commercial gas, and further development of the fuel and energy complex, and will also ensure uninterrupted and safe gas supply to consumers of the country, the national company QazaqGaz said in a statement.

Ecology

TCO Environmental Projects: Rational Use of Water Resources, Waste Management, Care for Birds and Seals

TCO Environmental Projects: Rational Use of Water Resources, Waste Management, Care for Birds and Seals

Along with a significant contribution to the economic development of the Republic of Kazakhstan, large oil and gas operators represent the interests of thousands of workers and directly take an active part in society's social and environmental development. Realizing the relevance and significant role of environmental protection in our lives, companies make their voluntary contribution to the practical development of environmental spheres of activity in the regions where they work.

Oil Chronicles

Oil Chronicles

Oil Chronicles

January 2022

Starting January 6, in pursuance of the instruction of the President of the country, given on January 5 at a meeting with the Government on the stabilization of the socio-economic situation, for 180 days, the maximum prices for the retail sale of petroleum products (including VAT) have been set at the following level