Analysis of the influence of direct foreign investments on the development of the oil and gas industry of Kazakhstan

Abstract

The author in the article examined the impact of foreign direct investment on the development of the oil andgas industry in Kazakhstan from the time it gained independence to the present, because attraction of foreign investorscontributed to the restoration of oil and gas fields and led to the improvement of technological equipment andsocial infrastructure. The adoption of relevant regulations and the development of investment policies to determinethe further development of oil and gas area is an urgent issue. The object of study has not lost its significance, on thecontrary, in the current conditions of the crisis experienced by the world economy and the suspension of economicactivity, questions of the development of the oil and gas industry not only in our country, but also in the entire worldeconomy have become more acute and require theoretical rethinking. As a result, it is necessary to continue the studyof the problems of directions and volumes of foreign direct investment in this industry.Scientific publications that analyze and predict the further development of the oil industry in modern conditionsare becoming extremely necessary and in demand. The development of the industry determines, and in turn, dependson the revitalization of the entire world economy (as a stage of the world economic cycle), and the way out of the world economy from quarantine in the context of the COVID-19 pandemic. World oil prices will depend on this, andhence the prospects for the analyzed scientific problem.The study showed that foreign direct investment contributed to geological exploration, improvement of oiland gas fields, construction of infrastructure in Kazakhstan and solved the problem of oil and gas export to foreigncountries. However, the unequal position of national and foreign investors was observed in the oil and gas industryof Kazakhstan, as a result of which the most favorable position for the foreign investors was changed. Also, morethan 62% of export earnings were oil and gas condensate. In the event of an outflow of capital from foreign investors,there is a danger to the stability of the economy of Kazakhstan.The results of the study should be taken into account in the development of the state investment plan.