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Astana, Kazakhstan • 29 August 2023

Investments in Subsoil Use of Hydrocarbons Grow by 10% in Kazakhstan

The Minister of Energy reported on the increase in investments

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Investments in subsoil use for hydrocarbons have increased by 10%, QazMonitor reports citing the Minister of Energy Almassadam Satkaliyev.

"For the first half of 2023, the total investment in subsoil use for hydrocarbons is 4 trillion tenge, which is 110% compared to the same period in 2022, [as] investments [in this area] in 2022 amounted to 3.6 trillion tenge," said Satkaliyev at a government meeting on August 29.

Satkaliyev informed that these investments include exploration expenditures in H1 2023 amounted to 187 billion tenge, while the figure for the entire 2022 stood at 135.7 billion tenge.

Also, 16 contracts have been signed for 1H 2023, while 13 contracts have moved to the production stage in 2022.

The Minister noted that as of August 1, 2023, there are 292 hydrocarbon contracts in force, which include 9 PSAs (production sharing agreements), 26 exploration contracts, 147 exploration and production contracts, and 110 production ones.

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