• KGS/USD = 0.01118 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09131 0%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01118 0%
  • KZT/USD = 0.00222 0%
  • TJS/USD = 0.09131 0%
  • UZS/USD = 0.00008 0%

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Uzbekneftegaz Partners With Canadian Firm Condor Energies

JSC Uzbekneftegaz and Canadian energy company Condor Energies have agreed to jointly increase output at eight producing gas condensate fields in Uzbekistan. Condor says it will use the same advanced technologies and operational methods used in Western Canada. Work is planned to start in the first quarter of 2024 after the project's feasibility study is complete. The agreement will make Condor Uzbekneftegaz's first Western strategic operating partner. That not only ensures an increase in the country's domestic natural gas supply, but will also reduce carbon dioxide emissions. The work is expected to provide a significant number of jobs in Uzbekistan. Condor Energies intends to earn a percentage of net profits by assuming all project costs. Despite the fact that Uzbekistan is introducing green technologies into its energy-production mix, natural gas remains the key source of fuel in the republic. The country's total gas reserves are estimated at almost 1.9 trillion cubic meters. Uzbekistan has 296 oil & gas fields, 122 of which belong to Uzbekneftegaz. Gas reserves in them amount to 933 billion cubic meters. The largest of these is the Mubarak field, where 33% of the aforementioned volume of gas, or about 305 billion cubic meters, is concentrated. In 2023 the country's gas production fell 9.6% year-on-year to 46.7 billion cubic meters. Uzbekistan has thus flipped from being a net exporter to a net importer of natural gas. The republic now buys gas from Turkmenistan and Russia.

Kazakhstan Freezes Transit Cost of Russian Oil To China

KazTransOil JSC, Kazakhstan’s national oil pipeline operator, on January 26th said it will freeze the cost of transiting Russian oil to China until 2034. Until December 31st 2033 the cost of transporting Russian oil to China through the territory of Kazakhstan will amount to $15 per ton (excluding VAT), the company said.   KazTransOil also said it has extended until December 31st 2033 its contract with Russia’s Rosneft oil company for the transportation of Russian oil through Kazakhstan to China. From 2014-2023, KazTransOil transported 91 million tons of Russian oil to China along the Atasu–Alashankou oil pipeline, which is part of the Kazakhstan-China main oil pipeline system and belongs to Kazakhstan-China Pipeline LLP, a joint venture of KazTransOil JSC (50%) and China National Oil and Gas Exploration and Development Company Ltd (50%). The design capacity of the Atasu–Alashankou pipeline is 20 million tons of oil per year. Russia has been seeking to increase its oil exports to China after western sanctions were imposed on its exports over its invasion of Ukraine. 

Croatia To Transport Kazakh Oil To European Markets

On January 24th a memorandum of understanding was signed in Zagreb, Croatia between Kazakhstan’s national oil and gas company KazMunayGas (KMG) and the operator of the Croatian oil pipeline system, Jadranski naftovod (JANAF). The memorandum was signed by the deputy chairman of KMG, Bulat Zakirov, and the chairman of JANAF, Stjepan Adanić. After the signing ceremony Mr. Adanić commented that the deal will strengthen exports of Kazakh oil to European markets. Kazakhstan's ambassador to Croatia Akylbek Kamaldinov, who attended the signing ceremony, emphasized that Kazakhstan is playing an important role in ensuring that the EU receives reliable supplies of energy resources. He noted that the partnership between KMG and JANAF will make a significant contribution to strengthening energy security. JANAF operates the oil terminal on the island of Krk and the Adria oil pipeline system in Croatia, which plays a key role in transporting oil and petroleum products to the countries of south-eastern Europe. From January-November 2023 more than $303 million worth of Kazakh oil was pumped along this route.  

Kazakhstan Increases Oil Exports Along Trans-Caspian Route

Kazakhstan Increases Oil Exports Along Trans-Caspian Route KazTransOil JSC (a subsidiary of Kazakhstan’s national oil and gas company, KazMunayGas JSC), exported 3,620,000 tons of oil from the Caspian port of Aktau in the eleven months of 2023 so far, which is 1,014,000 tons, or 50% more compared to the same period last year, the company said on December 11th. The increase in the volume of transportation of Kazakh oil for export from the port of Aktau is due to an increase in the volume of raw materials shipped towards the port of Baku, from 205,000 tons to 1,238,000 tons, a sixfold increase on the same period in 2022. In addition, in the reporting period, 1,824,000 tons of oil were shipped from Aktau towards the port of Makhachkala (Russia). In 2022, the President of Kazakhstan, Kassym-Jomart Tokayev ordered an increase in the volume of oil transportation along the Trans-Caspian corridor. In accordance with this instruction, JSC NC KazMunayGas and the state oil company of Azerbaijan, SOCAR, entered into an agreement providing for the transportation of 1,500,000 tons of oil per year from the Tengiz field in the direction of the Baku-Tbilisi-Ceyhan oil pipeline.

Kazakhstan Approves Plan for Oil and Gas Industry Development

Kazakhstan Approves Plan for Oil and Gas Industry Development On December 6th, the Government of Kazakhstan approved a comprehensive plan for the development of the largest oil, gas and petrochemical projects for 2023-2027. The plan is aimed at implementing 20 significant projects in the oil and gas industry, oil and gas refining, and the petrochemicals industry, with an expected investment volume of $37.3 billion. In particular, the document provides for the implementation of large oil and gas projects in the Tengiz, Karachaganak and Kashagan fields, aimed at increasing oil production to 105.5 million tons and gas production to 82.1 billion cubic meters by 2027. The construction of gas processing plants provided for in the plan will have a significant impact on meeting the needs of the domestic market for motor fuel. In addition, in order to supply the domestic market with petroleum products, it is planned that by 2029 the production capacity at the Shymkent Oil Refinery will be increased from 6 million to 12 million tons. As a result, the country will produce 18 million tons of fuel per year.

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