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Podcast: Witness History
Episode: The oilfield that changed Kazakhstan
Description: In the wake of the USSR breaking up, Kazakhstan was wrestling with the challenges of independence; hyperinflation, the economy collapsing and food shortages.But three-and-a-half kilometres underground on the north-east shore of the Caspian Sea, a giant financial opportunity was lying dormant – The Tengiz Oil Field. Less than two years after gaining sovereignty, the government signed the “deal of the century”. The state partnered with American company Chevron and started drilling to access the estimated 25 billion barrels of oil in the ground.Tengiz is the sixth largest oilfield in the world, and its resour...