29-09-03 Kazakhstan intends to increase its share in world oil output from 1.2 % to 4 or even 5 % over the next 10 to 15 years, Uzakbay Karabalin, President of the national oil and gas company KazMunaiGaz, reported.
According to him, this may be done by implementing a state program on developing oil and gas deposits of the Kazakhstani part of the Caspian Sea shelf that was launched this year.

To these ends, Kazakhstan needs $ 6 bn in investments in 2003 through 2005, $ 10.3 bn in 2006 through 2010 and $ 15.6 bn in 2011 through 2015. Geologic exploration may come up to 5 % of the total volume of investments envisaged by the program.
Karabalin noted that to attract the necessary funds KazMunaiGaz might issue securities backed by future revenues from oil and gas production.

In accordance with a respective government decree, KazMunaiGaz is entitled to receiving at least 50 % in any new Caspian project. Additionally, the company enjoys privileges allowing it to explore Caspian deposits without participating in corresponding tenders.
To date, Kazakhstan produces over 50 mm tpy of oil.