In the oil and gas industry, Eurasia is a vast region that has natural resources in abundance. For instance, Kazakhstan is four times the size of Texas, and generates one third of its export earnings from export of oil and gas. Over the next few decades, Kazakhstan has the potential of earning $ 700 billion from oil and gas, provided there is infrastructural support and industrial development. Rich in oil and gas resources the current oil production is approximately 700,000 bpd. However, there is potential of producing over 3 million bpd, and capitalizing on this potential is possible only if there is considerable improvement in infrastructure to support production.
“Infrastructure in the oil and gas industry is the backbone that helps in increasing oil production as well as helps in reducing the cost of production. Projects such as pipeline management and development in Kazakhstan is imperative in achieving our objective of doubling petroleum reserves by 2012 and increasing petroleum production by 35% in 2011.”
As CEO and Chairman of GHC Eastern, George Haligua said, "there are many partnerships in the pipeline with foreign companies and global investors to improve infrastructure in Kazakhstan. Partnerships between the government and foreign investment companies is a step further in revamping what is called the ‘Great Silk Road’ in the oil and gas industry."
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