Jupiter Kazakhstan
Kazakhstan is the ninth largest country in the world and where some say Europe meets Asia. It is also one of the least densely populated countries in the world with less than 6 people per square kilometer. Of the approximate 15 million inhabitants, 53% are Kazakhs, 30% are Russian and the remainder of the population is made up of some 120 other nationalities.
Figure 1.1: Location of Kazakhstan
The principal cities are the former capital Almaty, which is now seen as the new financial centre of the country and Astana, the new capital. The official language is Russian but the state language is Kazakh.
The Republic of Kazakhstan has now become a member of the world community and enjoys support from many of the world’s leading countries. The country possesses enormous untapped fossil fuel reserves and plentiful supplies of other minerals and metals and its industrial sector largely rests on the extraction and processing of these natural resources.
President Nursultan Nazarbayev is the head of state and in December 2005 was re elected for another seven year term with the Parliament being led by the Prime Minister. The country is divided into 14 oblasts (regions) as well as the cities of Astana and Almaty which also have regional status. Each region is headed by an Akim (Governor) who is appointed by the President.
The country boasts one of the highest growth rates in the world with GDP growing by 9% or more for the past 6 years and now standing at approximately $US56 billion. In 2005 the country produced over 430 million barrels of oil, making it the largest producer in the Commonwealth of Independent States (CIS) - the old USSR.
The national currency is the tenge and has been growing in strength against the $US in recent years on the back of the booming economy with economic investment and growth continuing to be substantial, with investment particularly coming from most, if not all, the world’s leading oil producers. Most of these companies are focused in offshore fields in the North Caspian Sea, principally Kashaghan which is the world’s largest field outside the Middle East and the fifth largest field in the world. In addition, the Pre-Caspian Basin has 4 super-giant oil fields including Tengiz (estimated recoverable crude oil reserves of between six and nine billion barrels), Kashagan (estimated reserves in excess of seven billion barrels) and Kurmangazy (estimated recoverable reserves of in excess of seven billion barrels). Importantly there are presently over two hundred producing fields in Kazakhstan with recoverable reserves of oil currently estimated to be over 55 billion barrels. Jupiter Energy Limited has initially focused on an exploration opportunity in the Mangistau Basin in South West Kazakhstan.
