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Kazakhstan has partnered with China for a significant oil exploration project in the Caspian Sea.
Kazakhstan’s national oil company, Kazmunaigaz, has signed an agreement with China National Offshore Oil Corporation International Limited (CNOOC) to jointly carry out geological exploration in the Atrau region of western Kazakhstan.
The project covers a 960-square-kilometer area of the northeastern Caspian Sea. According to the terms of the agreement, exploration will be conducted on a 50-50 basis, though initial exploration costs will be entirely covered by the Chinese side. The project will involve seismic surveys and the drilling of a super-asalt exploration well approximately 2 kilometers deep. If initial results are promising, a second sub-asalt well, 4.5 kilometers deep, will be drilled.
While Kazakhstan seeks to expand its oil exploration efforts, it faces a challenge on the export front. Since the beginning of 2025, Kazakhstan’s oil exports to China have dropped by 82 percent, resulting in an $827 million decrease in revenue. Experts attribute this decline to China’s slowing economic growth and its shift towards electric vehicles.
In contrast to the decline in oil exports to China, Kazakhstan has seen some positive developments. Exports to countries like Bulgaria, Spain, Azerbaijan, and Romania have increased, and new markets such as Egypt and the Bahamas have emerged.
Despite growing production, Kazakhstan's overall oil exports have decreased by 14 percent, with the first quarter of 2025 showing a drop from 17.8 million tons to 15.3 million tons. Additionally, six countries, including South Korea, India, and the United Kingdom, have completely stopped purchasing Kazakh oil.
As Kazakhstan’s oil industry adapts to these changes, geopolitics continues to influence both the price of oil and the geography of global energy markets.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
The Russian state news agency has reported that Shahin Shykhlinski, head of the Azerbaijani diaspora in Yekaterinburg, has been declared wanted in connection with a criminal offense.
A two-day official visit by Kazakh President Kassym-Jomart Tokayev to Türkiye concluded with the signing of 20 agreements aimed at expanding the strategic partnership between the two countries in key areas, including mining and rare earth minerals, space and technology, energy, and logistics.
The 5th meeting of the Kazakhstan–Türkiye High-Level Strategic Cooperation Council, chaired by the two countries’ leaders was held on Tuesday in Ankara. The meeting was focused on strengthening cooperation in the areas of economy, transport, and investment.
President of Kazakhstan Kassym-Jomart Tokayev arrived in Türkiye on Tuesday for an official visit at the invitation of Turkish President Recep Tayyip Erdoğan.
The Asian Development Bank (ADB) has launched its new Country Partnership Strategy (CPS) for Azerbaijan for 2025–2029, centred on two key pillars: enabling a green and diversified economy, and fostering low-carbon connectivity and inclusive development.
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