Kazakhstan’s investment climate and the general appetite for a round of privatizations are being tested by a number of factors, including a range of multimillion-dollar disputes. On the positive side, production is finally ramping up at the supergiant Kashagan oil field managed by the North Caspian Operating Co., which includes international heavyweights Exxon Mobil, Royal Dutch Shell, Total and Eni. Output from Kashagan helped to boost Kazakhstan’s total crude oil and condensate production in June by 5% on the year to 1.83 million barrels per day (table, p9). And the recovery in the oil price has given the republic more good reason to cheer as it strives to lift production above 2 million b/d by 2025, taking it ahead of the likes of Norway and Nigeria.
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