ASTANA – Kazakhstan’s subsoil use auctions in 2024 generated more than 5.7 billion tenge (US$11.7 million) in budget revenues, the Ministry of Industry and Construction reported in response to a request from Kazinform on March 11.
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Wide ranges of global investors, including Rio Tinto, FMG International, Barrick, and other companies have entered Kazakhstan. In total, foreign companies have invested around 12 billion tenge (US$24.4 million) to geological exploration between 2021 and 2023, with the expectation of exploring vast areas for mineral deposits. Notably, Rio Tinto and Fortescue are exploring 13,000 square kilometers, with investments already exceeding 9 billion tenge (US$18.4 million).
International companies are working in both known reserves and unexplored areas, aiming to unlock the potential of Kazakhstan’s rich subsoil resources. In total, these investors have planned nearly 41 billion tenge (US$84 million) in investments, with exploration activities covering over 25,000 square kilometers.
The country’s oil and gas sector has also seen notable developments. In 2023, Kazakhstan’s oil and gas condensate production reached 90 million tons, with 70.5 million tons exported. In addition, several new fields, such as the Vostochny Urikhtau and Rozhkovskoye fields, have been brought into commercial production.
These ongoing projects highlight Kazakhstan’s growing prominence as a key player in global resource exploration and its commitment to fostering foreign investment in its mineral and hydrocarbon industries.
