Kazakhstan stays in OPEC+ but seeks new terms with foreign oil investors

Reuters

Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.

Speaking at a press conference, Bektenov confirmed that while Kazakhstan has exceeded its production quota in recent months, it is not considering pulling out of the OPEC+ agreement.

“We will strive to fulfil our obligations, but with national interests in mind,” he said.

Oil exports in June reached 1.86 million barrels per day — that's about 500,000 barrels above Kazakhstan’s current OPEC+ limit. The increase is largely due to the expansion of the Tengiz oil field under the $49 billion Future Growth Project, which is expected to boost annual output by 12 million tons.

Bektenov explained that the government has limited control over production at fields such as Tengiz, Karachaganak, and Kashagan, where foreign companies hold major stakes.

“We cannot demand that our partners reduce production,” he said.

Instead, Kazakhstan has begun discussions with international firms to revise existing production sharing agreements (PSAs) in an effort to secure more national revenue from oil and gas operations.

“There is a view that the country’s interests are not fully reflected in the existing agreements,” Bektenov said, adding that any changes would be made carefully to protect the investment climate.

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