Kazakhstan’s Atyrau oil refinery
Kazakhstan’s upstream feels the strain
Flat oil growth in 2024 highlights mounting industry problems
Kazakhstan’s upstream sector is set to post stagnant growth this year despite increasing focus on the Middle Corridor—or Trans-Caspian International Transport Route (TITR)—linking China with Europe and bypassing more geopolitically sensitive trade routes to the north and south. Central Asia’s largest country has enjoyed plenty of growth post-pandemic, but falling upstream investment, OPEC+ production cuts, and legal challenges against some of its largest oil and gas projects are set to stymie growth in 2024. “The high investment growth observed in previous years was primarily due to the Tengiz expansion project, which is no longer the case,” said Sanzhar Kaldarov, chief analyst at the Kazakh
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
