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Over $100 billion invested in Kazakh oil sector in 1995-2010

Oil&Gas Materials 6 October 2010 10:46 (UTC +04:00)

Azerbaijan, Baku, Oct. 6 / Trend E.Ismayilov S.Suleymanov /

Kazakhstan's recoverable oil reserves are estimated at five billion tons and natural gas - more than 3.7 trillion cubic meters, Kazakh Oil and Gas Minister Sauat Mynbayev said on Tuesday at the fifth Eurasian forum "KAZENERGY" in Astana.

Mynbayev said Kazakhstan is one of the few states, whose peak hydrocarbon production is yet to come. Based on the conservative forecast, the country will produce 135 million tons of oil in 2018 in. "This means the possibility of exporting oil from Kazakhstan for at least 50 years in the amount of over 100 million tons a year," Mynbayev said.

The estimated volume of oil production will be around 81 million tons and exports - 68 million tons in 2010, he added.

"Kazakhstan intends to responsibly manage the issue of attractive investment climate, while hoping for the unconditional fulfillment of the obligations by the subsoil users. The National company KazMunaiGas produces only 24 percent of the country's oil, the rest of the volume is produced by private sector and international oil companies," Mynbayev said.

Nearly $104 billion of foreign and domestic investment were made in the hydrocarbon sector in Kazakhstan in 1995- 2010, he said

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