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- Kazakhstan oil service on the verge of bankruptcyThe fall in oil prices has forced oil companies to cut costs, with oilfield service companies being the first to suffer. Tens of thousands of workers in related industries are at risk of unemployment if oil and gas operators do not resume their capital projects.
Source: https://kursiv.kz - When will the oil market recover?Next year, the world is expected to see an increase in demand for black gold, reports a correspondent for Khabar 24. According to the International Energy Agency, 5.7 million barrels more will be produced per day. Let us recall that after the record decline in OPEC+ production, shutdowns of enterprises in the US and other countries, demand for oil fell by almost 12 million barrels per day.
Source: https://www.youtube.com/ - 45,000 oil workers may lose their jobs by the end of the year - Rashid ZhaksylykovAccording to Rashid Zhaksylykov, chairman of the presidium of the Union of Oil Service Companies of Kazakhstan, companies in the oil and gas sector have suffered due to the fall in world oil prices. In particular, he did not hide the possibility that production facilities, which have lost income, will not be able to pay salaries to their employees in the future.
Source: https://azattyq-ruhy.kz/ - Zhumagulov: Tengiz expansion is the only hope for work for oilfield service companiesNurlan Zhumagulov, General Director of the Union of Oilfield Service Companies of Kazakhstan, spoke about the fight against unemployment during the coronavirus crisis
Source: https://m.ru.sputniknews.kz/
Kazakhstan's oilfield services companies are on the verge of bankruptcy
Oil and gas production at the Tengiz field will not be stopped, despite the outbreak of coronavirus infection at the enterprise, said Akim of the Atyrau region Makhambet Dosmukhambetov, Interfax-Kazakhstan reports.
Source: https://lsm.kz
Oil and gas production at the Tengiz field will not be stopped, despite the outbreak of coronavirus infection at the enterprise, said Akim of the Atyrau region Makhambet Dosmukhambetov, Interfax-Kazakhstan reports.
Source: https://lsm.kz
"There is no need to expect new investment projects" - Union of Oilfield Service Companies
Source: https://m.ru.sputniknews.kz/
Source: https://m.ru.sputniknews.kz/
Kazakhstan may lay off up to a third of oil workers
This year, up to 30 percent of employees in the oil and gas industry may be laid off. This was reported by Sputnik Kazakhstan with reference to the Chairman of the Presidium of the Union of Oilfield Service Companies of the Republic of Kazakhstan Rashid Zhaksylykov.
According to the latest data, about 800 people have been infected with COVID-19 at the Tengiz field (Atyrau region). The vast majority of them are workers.
Source: https://m.ru.sputnik.kg/
This year, up to 30 percent of employees in the oil and gas industry may be laid off. This was reported by Sputnik Kazakhstan with reference to the Chairman of the Presidium of the Union of Oilfield Service Companies of the Republic of Kazakhstan Rashid Zhaksylykov.
According to the latest data, about 800 people have been infected with COVID-19 at the Tengiz field (Atyrau region). The vast majority of them are workers.
Source: https://m.ru.sputnik.kg/
Why is it necessary to nationalize personnel in the oil and gas industry - Zhumagulov
The general director of the Union of Oilfield Service Companies of Kazakhstan, Nurlan Zhumagulov, suggests taking advantage of the opportunity to strengthen and nationalize personnel in the oil and gas industry
"Owners of oilfield service companies do not want to cut staff, because it will be even more expensive for them - when work resumes, they will have to retrain new personnel, prepare for tenders," Zhumagulov said, speaking at a briefing in the Sputnik Kazakhstan multimedia press center.
Source: https://m.ru.sputniknews.kz/
The general director of the Union of Oilfield Service Companies of Kazakhstan, Nurlan Zhumagulov, suggests taking advantage of the opportunity to strengthen and nationalize personnel in the oil and gas industry
"Owners of oilfield service companies do not want to cut staff, because it will be even more expensive for them - when work resumes, they will have to retrain new personnel, prepare for tenders," Zhumagulov said, speaking at a briefing in the Sputnik Kazakhstan multimedia press center.
Source: https://m.ru.sputniknews.kz/
Production at Tengiz will not be stopped despite the outbreak of COVID-19
Oil and gas production at the Tengiz field will not be stopped despite the outbreak of coronavirus infection at the enterprise, said Akim of the Atyrau region Makhambet Dosmukhambetov, Interfax-Kazakhstan reports.
"No one will stop work at Tengiz. Work at Tengiz should be divided into two types. The first is oil and gas production, the main production, as we call it. Work will be carried out according to the previous plan. There are no plans to reduce or stop," Dosmukhambetov said at a briefing on Tuesday.
Source: https://m.ru.sputniknews.kz/
Oil and gas production at the Tengiz field will not be stopped despite the outbreak of coronavirus infection at the enterprise, said Akim of the Atyrau region Makhambet Dosmukhambetov, Interfax-Kazakhstan reports.
"No one will stop work at Tengiz. Work at Tengiz should be divided into two types. The first is oil and gas production, the main production, as we call it. Work will be carried out according to the previous plan. There are no plans to reduce or stop," Dosmukhambetov said at a briefing on Tuesday.
Source: https://m.ru.sputniknews.kz/
SITUATION OF ENTERPRISES IN THE OIL AND GAS SECTOR / Relevant Industry (15.05.20)
Source: https://www.youtube.com/
Source: https://www.youtube.com/
Kazakhstan oilfield services: the market is shrinking
“For more than two months, we have been discussing issues on basic industries – not only on oilfield services, but also on the mining sector, on energy. If we talk about oilfield services, the situation in the long term is difficult. Consumption of oil products has decreased, there were production cuts within OPEC+, this is reflected in large oil and gas operators, and, accordingly, their contractors feel it strongly,” says Managing Director – Director of the Department of Basic Industries and Ecology of the Atameken National Chamber of Entrepreneurs Talgat Temirkhanov.
Source: https://inbusiness.kz/
“For more than two months, we have been discussing issues on basic industries – not only on oilfield services, but also on the mining sector, on energy. If we talk about oilfield services, the situation in the long term is difficult. Consumption of oil products has decreased, there were production cuts within OPEC+, this is reflected in large oil and gas operators, and, accordingly, their contractors feel it strongly,” says Managing Director – Director of the Department of Basic Industries and Ecology of the Atameken National Chamber of Entrepreneurs Talgat Temirkhanov.
Source: https://inbusiness.kz/
Oil production cuts will not affect gasoline prices — expert
The Ministry of Energy reports that due to the presence of a significant surplus of oil reserves against the backdrop of declining demand for oil in the world and in Kazakhstan, there is a risk of complete overstocking of oil storage facilities in the second quarter of 2020 and emergency shutdowns of Kazakhstani fields.
"In connection with this, the Ministry has developed a draft government resolution "On the introduction of temporary restrictions on the use of subsoil areas for exploration and production operations and hydrocarbon production operations" with a list of individual subsoil areas for which it is necessary to limit oil production for May-June," the Ministry said in a statement. - "The production restriction applies to fields classified as medium, large and giant fields. The specified list of subsoil does not include small and minor fields, for which a natural decline in production is expected due to economic factors".
Source: https://365info.kz/
The Ministry of Energy reports that due to the presence of a significant surplus of oil reserves against the backdrop of declining demand for oil in the world and in Kazakhstan, there is a risk of complete overstocking of oil storage facilities in the second quarter of 2020 and emergency shutdowns of Kazakhstani fields.
"In connection with this, the Ministry has developed a draft government resolution "On the introduction of temporary restrictions on the use of subsoil areas for exploration and production operations and hydrocarbon production operations" with a list of individual subsoil areas for which it is necessary to limit oil production for May-June," the Ministry said in a statement. - "The production restriction applies to fields classified as medium, large and giant fields. The specified list of subsoil does not include small and minor fields, for which a natural decline in production is expected due to economic factors".
Source: https://365info.kz/
Expert: "The country's authorities must first of all support domestic "anchor" investors
The current situation against the backdrop of the pandemic, falling world oil prices, and the weakening of the national currency is fraught, according to many experts, with rising unemployment.
In his statement last Monday, President Kassym-Jomart Tokayev not by chance raised the issue of a large number of unemployed people, mostly young, congregating around checkpoints near Nur-Sultan, Almaty, and Shymkent, which are closed for quarantine. He instructed to use these "free hands" in the aforementioned regions, providing them with wages, allowances, after all the necessary sanitary measures have been taken. However, the situation in the west of the country, where the republic's most important oil and gas projects are concentrated, providing the lion's share of revenues to the country's budget, is no less alarming.
Source: https://inbusiness.kz/
The current situation against the backdrop of the pandemic, falling world oil prices, and the weakening of the national currency is fraught, according to many experts, with rising unemployment.
In his statement last Monday, President Kassym-Jomart Tokayev not by chance raised the issue of a large number of unemployed people, mostly young, congregating around checkpoints near Nur-Sultan, Almaty, and Shymkent, which are closed for quarantine. He instructed to use these "free hands" in the aforementioned regions, providing them with wages, allowances, after all the necessary sanitary measures have been taken. However, the situation in the west of the country, where the republic's most important oil and gas projects are concentrated, providing the lion's share of revenues to the country's budget, is no less alarming.
Source: https://inbusiness.kz/
Kazakhstan’s oilfield services companies to cut 80,000-90,000 jobs
NUR-SULTAN, Kazakhstan – Kazakhstan oil service companies will be forced to cut about 80,000 – 90,000 jobs in the near future due to the fall in world oil prices and the coronavirus pandemic, Kazakhstan’s Association of Oil Services Companies Chairman Rashid Zhaksylykov told New Europe.
“Today, about 2,000 oilfield services companies work in Kazakhstan. About 170,000 to 180,000 people work in these companies. Of this amount, about half may lose their jobs in the near future, that is, about 80,000 – 90,000 people,” Zhaksylykov said.
Source: https://www.neweurope.eu/
NUR-SULTAN, Kazakhstan – Kazakhstan oil service companies will be forced to cut about 80,000 – 90,000 jobs in the near future due to the fall in world oil prices and the coronavirus pandemic, Kazakhstan’s Association of Oil Services Companies Chairman Rashid Zhaksylykov told New Europe.
“Today, about 2,000 oilfield services companies work in Kazakhstan. About 170,000 to 180,000 people work in these companies. Of this amount, about half may lose their jobs in the near future, that is, about 80,000 – 90,000 people,” Zhaksylykov said.
Source: https://www.neweurope.eu/
Expert on $28-29 per barrel: Current oil prices may seem good in the future
Astana. March 18. KazTAG – Valentina Vladimirskaya. Current oil prices – $28-29 per barrel – may seem good in the future, suggested Chairman of the Board of Centrasiya Group Almas Kudaibergen.
“Perhaps, in the future, it will seem that current oil prices – $28-29 per barrel – are quite good. According to many world analysts, there will be a lot of oil on the market in the next 3-4 months,” Kudaibergen said on Wednesday, speaking at the Central Communications Service on the situation on the oil market.
Source: https://kaztag.kz/
Astana. March 18. KazTAG – Valentina Vladimirskaya. Current oil prices – $28-29 per barrel – may seem good in the future, suggested Chairman of the Board of Centrasiya Group Almas Kudaibergen.
“Perhaps, in the future, it will seem that current oil prices – $28-29 per barrel – are quite good. According to many world analysts, there will be a lot of oil on the market in the next 3-4 months,” Kudaibergen said on Wednesday, speaking at the Central Communications Service on the situation on the oil market.
Source: https://kaztag.kz/
A Billion Barrels of Excess Oil Accumulated in the World
The amount of excess oil on the world market will soon reach 1.3 billion barrels, which will have serious consequences for the Kazakh economy, said Chairman of the Board of Centrasia Group Almas Kudaibergen, Tengrinews.kz correspondent reports.
"In the last few days, due to the coronavirus, we have missed several fundamental changes that are happening in the global oil and gas sector. They will have large and strong consequences for the Kazakh economy. First of all, this is the price of oil. Maybe in the future it will turn out that $28-29 per barrel is a good price," Kudaibergen said at a CCS briefing.
Source: https://tengrinews.kz
The amount of excess oil on the world market will soon reach 1.3 billion barrels, which will have serious consequences for the Kazakh economy, said Chairman of the Board of Centrasia Group Almas Kudaibergen, Tengrinews.kz correspondent reports.
"In the last few days, due to the coronavirus, we have missed several fundamental changes that are happening in the global oil and gas sector. They will have large and strong consequences for the Kazakh economy. First of all, this is the price of oil. Maybe in the future it will turn out that $28-29 per barrel is a good price," Kudaibergen said at a CCS briefing.
Source: https://tengrinews.kz
Oilfield service companies fear mass layoffs in Kazakhstan
This will be due to the completion of work and budget cuts...
Completion of work and budget cuts could lead to mass layoffs in oilfield service companies. This was announced at a press conference on March 18 by Rashid Zhaksylykov, Chairman of the Presidium of the Union of Oilfield Service Companies of Kazakhstan.
"Given low oil prices, there are still risks of job losses in the oil and gas industry. Today, more than 2,000 companies are represented in the country's oilfield service industry, employing about 200 thousand workers. An improvement in the situation on the global oil market is not expected in the coming months. Maybe even within 1-2 years," he said.
Source: https://kursiv.kz/
This will be due to the completion of work and budget cuts...
Completion of work and budget cuts could lead to mass layoffs in oilfield service companies. This was announced at a press conference on March 18 by Rashid Zhaksylykov, Chairman of the Presidium of the Union of Oilfield Service Companies of Kazakhstan.
"Given low oil prices, there are still risks of job losses in the oil and gas industry. Today, more than 2,000 companies are represented in the country's oilfield service industry, employing about 200 thousand workers. An improvement in the situation on the global oil market is not expected in the coming months. Maybe even within 1-2 years," he said.
Source: https://kursiv.kz/
Budget revenues from oil and gas exports may decrease by 3 times
The Union of Oilfield Service Companies announced measures that will help reduce the negative impact on the economy
If current oil prices are maintained, Kazakhstan's budget deficit may amount to 1.2% of GDP. This was reported by the Chairman of the Presidium of the Union of Oilfield Service Companies of Kazakhstan Rashid Zhaksylykov, the correspondent of the business information center Kapital.kz reports.
Source: https://kapital.kz/
The Union of Oilfield Service Companies announced measures that will help reduce the negative impact on the economy
If current oil prices are maintained, Kazakhstan's budget deficit may amount to 1.2% of GDP. This was reported by the Chairman of the Presidium of the Union of Oilfield Service Companies of Kazakhstan Rashid Zhaksylykov, the correspondent of the business information center Kapital.kz reports.
Source: https://kapital.kz/
It is difficult to say that oil prices will recover soon - Zhaksylykov
Expert says that if oil prices remain at this level, export revenues will decrease by three times
Rashid Zhaksylykov, Chairman of the Presidium of the Union of Oil Service Companies of Kazakhstan, answered the question of when oil prices will recover during an online briefing today.
"As you know, there is a big upheaval in the oil market. The largest consumer, China, which contributes to the stability of oil prices, has significantly reduced its demand for oil due to the coronavirus epidemic. In addition, restrictions on interstate air traffic and sea tankers are also having an impact. The decrease in vehicle traffic due to the quarantine imposed is undoubtedly having a negative impact on oil demand," he said.
Source: https://azattyq-ruhy.kz/
Expert says that if oil prices remain at this level, export revenues will decrease by three times
Rashid Zhaksylykov, Chairman of the Presidium of the Union of Oil Service Companies of Kazakhstan, answered the question of when oil prices will recover during an online briefing today.
"As you know, there is a big upheaval in the oil market. The largest consumer, China, which contributes to the stability of oil prices, has significantly reduced its demand for oil due to the coronavirus epidemic. In addition, restrictions on interstate air traffic and sea tankers are also having an impact. The decrease in vehicle traffic due to the quarantine imposed is undoubtedly having a negative impact on oil demand," he said.
Source: https://azattyq-ruhy.kz/