Azerbaijan, Baku, Feb. 29 / Trend E. Kosolapova/
Kazakhstan has sufficient recoverable oil reserves for 50-60 years, Kazakh Oil and Gas Minister Sauat Mynbayev said at Majilis (Parliament's lower chamber) meeting on Wednesday, Tengrinews.kz reported.
"According to the Geology Committee, Kazakhstan's recoverable oil reserves make up 5.3 billion tons, annual production hits 81 million tons. We are planning to increase this figures to 90 million tons by 2015 and to 120 million tons by 2012. This increase is envisaged by the contracts. Thus, if we even produce 120-130 million tons per year, we will have sufficient reserves for 45 years. However, oil production decrease with time, so we have reserves for 50-60 years," Mynbayev said
Moreover, Kazakhstan's recoverable reserves can be increased from 5.3 to 17 billion tons depending on exploration results. Meanwhile some oil blocks in Kazakhstan can be reserved, Mynbayev said.
According to BP, Kazakhstan's proven oil reserves hit 5.5 billion tons in late 2010.
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