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Special Energy Issue on Kazakhstan |October 2018

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Special Energy Issue on Kazakhstan |October 2018 Special Energy Issue on Kazakhstan |October 2018 Table of Contents GENERAL ............................................................................................................................1 OIL & GAS PRODUCTION ....................................................................................................7 OIL & GAS EXPORT & TRANSPORTATION ........................................................................ 10 PROCESSING & ENERGY .................................................................................................. 13 CONTACTS....................................................................................................................... 14 The Economic Section of the Embassy of the Kingdom of the Netherlands in Kazakhstan intends to distribute this newsletter as widely as possible among Dutch institutions, companies and persons from the Netherlands. The newsletter summarises economic news from various Kazakhstani and foreign publications and aims to provide accurate information. However, the Embassy cannot be held responsible for any mistakes or omissions in the bulletin. SPECIAL ENERGY ISSUE, October 2018 Embassy of the Kingdom of the Netherlands GENERAL Minister recommends investing in Kazakhstan's oil and gas New codes regarding the subsoil use and taxes will stimulate investments in the oil and gas industry of Kazakhstan, effectively regulate the level of tax burden on subsoil users and intensify the development of new fields on the Caspian Sea shelf. This was stated by Kazakh Energy Kanat Bozumbayev who talked about the image of Kazakhstan's energy sector in view of current and future changes at the plenary session of the conference within the meeting of the World Petroleum Council. 'In order to be competitive and attractive for investments, we intend to move forward, analyze the practice of developed countries in attracting capital, improve our own legislative base in the field of subsoil use, and offer more favorable conditions to investors. We must ensure the effective use of our competitive advantages, which lie in the geographical location of Kazakhstan in the heart of Eurasia, the high level of education of our specialists, the broad opportunities for the development of high-tech projects, finally, openness and desire to improve, taking into account the rich experience of the leading countries, he said. The Code 'On Subsoil and Subsoil Use and the Code 'On Taxes and Other Mandatory Payments to the Budget will stimulate an increase in investments in the oil and gas industry of Kazakhstan, effectively regulate the level of tax burden on subsoil users, and also intensify the development of new fields on the Caspian Sea shelf, according to Bozumbayev. The Minister noted that after the Code on Subsoil entered into legal force this summer, all existing contracts for subsoil use continue to be valid. At the same time, the Code greatly simplifies the procedure and terms for obtaining the right to subsoil use and the terms for concluding a contract. Subsoil use right is granted by auction (with the exception of the state companies, which have right to direct negotiations). The term of the contract is reduced to 1.5 months (previously it took from 1.5 to 2 years). Meanwhile, in the tax sphere, the commercial discovery bonus has been canceled, an alternative subsoil use tax has been introduced for offshore and deep oil and gas fields. In the field of managing emissions and waste associated with energy, the concept of 'technologically inevitable burning has been introduced. All these innovations are progressive, capable of ensuring the competitiveness of the work of subsoil users in Kazakhstan compared to other countries. 'We are already seeing investors react to these changes. Evidence of this is the initiative of such companies as ENI, Lukoil, which concludes agreements with KazMunaiGaz on exploration on the blocks of the Caspian shelf. There is also activity of other investors who are willing to invest in the exploration of oil and gas fields, the minister concluded. Oil and gas sector is the major and most rapidly growingindustry inKazakhstan which brings the countrya lion's share of its incomes. The importance of Kazakhstan in the global energy security is growing. This is due to the increase in supplies of Kazakhstan's energy resources to the world market. Kazakhstan is among the top 15 countries in the world for proven oil reserves, with three percent of the world's reserves of ‘black gold'. Oil and gas bearing areas occupy 62 percent of the country's area and have 172 oil fields, of which more than 80 are under development. More than 90 percent of the oil reserves are concentrated in the 15 largest fields. Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan. Three oil giants will be able to bring Kazakhstan's oil production to a new level in the coming years even if new oil fields are not discovered, according to AzerNews. Caspian consensus opens new perspectives for oil industries, investors Over the years, a single oil venture in the Caspian Sea owned by ExxonMobil and other majors stumbled through so many cost overruns and technical problems it gained an unfortunate nickname: the “Cash-all-gone” field. 2 SPECIAL ENERGY ISSUE, October 2018 Embassy of the Kingdom of the Netherlands An international consortium financing the field, called Kashagan, has invested more than $50 billion to overcome challenges typical of the Caspian Sea region, such as deep oil that is under tremendous pressure. As the Western majors moved into the new Caspian oil frontier in the 1990s, every step seemed harder than anticipated, even as the region was seen as vital for diversifying global oil supplies away from the Middle East. But a semblance of order finally seems to have arrived along the Caspian. The Convention on the Legal Status of the Caspian Sea, signed on Aug. 12, potentially cleared the way for new pipelines to ease export bottlenecks, a problem that, like high costs, has been hanging over Caspian petroleum ventures for decades. Until the Soviet collapse nearly 30 years ago, the Caspian, the world’s largest inland body of water, was regarded by Iran and the Soviet Union as a lake, with a border neatly dividing their maritime territories. The agreement treats the surface of the Caspian as international water and divides the seabed into territorial zones. Importantly from the point of view of Eurasian energy politics, it allows undersea pipelines. “It is correct to view the recent summit and convention as an unprecedented milestone for the region that has been decades in the making,” Ashley Sherman, principal research analyst for the Caspian and Europe at Wood Mackenzie, a company advising the oil industry, said in a telephone interview. Russia had for most of the post-Soviet period objected to east-west energy trade through new subsea pipelines, hoping to keep in place the north-south trade routes of the Soviet Union’s existing rail and pipeline system. The European Union and the United States, in contrast, support what they call a southern corridor for energy. This strategy seeks to keep open a window in the south Caucasus region, between Russia and Iran, for energy exports. The Bush administration had sought to add military muscle to the strategy by accepting Georgia into NATO. Russia pushed back initially with a commercial strategy to undermine the financial rationale for a southern gas pipeline. Gazprom, the Russian gas monopoly, bought up potential supplies of natural gas in the Caspian region. In this contest, Russia also dragged out talks on the status of the sea and east-west trans-Caspian pipelines for 22 years, the length of time the convention was under negotiation before the signing in August. In an indication of the seriousness of Russia’s intentions, in 2008 this conflict over energy trade routes in the Caspian region became the backdrop to the war in Georgia. Russia and the West have also been in a tug of war over influence in Ukraine, which, like Georgia, is an important transit country for energy. “Russia remains very, very keenly focused on market share in its critical export market today in Europe,” Jonathan Elkind, a fellow at the Center on Global Energy Policy at Columbia University and a former United States assistant secretary of energy, said in a telephone interview. “I do not think the signing of the agreement last month represents any kind of cardinal shift in Russia’s views on that matter.” Russia may have resolved the Caspian’s status, after three decades of objections, not because of continued Western pressure, but rather because of rising trade competition from China’s One Belt, One Road policy, analysts said. Central Asia trade had been diverted not to Russia, but to Iran, with Chinese backing. And some Central Asian energy exports have not gone to Russia, but instead east to China because of difficulties exporting west over the Caspian Sea. Eurasian pipeline politics, not unlike the web of pipes themselves, is an interconnected game. Russia also offered the Caspian agreement as a concession, said Ilya Ponomarev, a former member of the Russian Parliament, to ease acceptance of something the Russians value more: the Nord Stream 2 pipeline to Germany. The United States government said Nord Stream 2 deepens Europe’s dependence on Russian gas. The Caspian agreement, in contrast, could help diversify European energy supplies away from Russia. To explore the new energy possibilities, Angela Merkel, the German chancellor, traveled to Azerbaijan
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