Kazakhstan, Atyrau, June 19 / Trend, D. Mukhtarov /
Caspian region ranks the second in the world by in terms of untapped oil and gas reserves, General Director of the KazEnergy Association Aset Magauov said at the 3rd International Oil and Gas Conference and Exhibition entitled "The development of the Caspian shelf," which takes place in Atyrau on Wednesday.
"The development of the enormous potential of the region in the coming years will be an important component of the global energy balance and give a powerful impetus to the development of the economies of the Caspian states. Today, a new and rapidly growing energy market is emerging here. This is why we attach such great importance to the development of the Caspian region," Magauov said.
According to him, Kazakhstan plans to increase production volumes from the current 80 million tons of oil and condensate to130 million tons by 2020.
"Much of the growth in production will be achieved in the course of development of the Kazakh sector of the Caspian shelf, the development of its infrastructure and the creation of new businesses," he said.
The main theme of the on-going conference is "Cutting-edge technology for the successful development of offshore projects in the Caspian Sea."
According to the event's organizing committee, major oil and gas operators met, key industry experts and representatives of international organizations and government agencies of the Caspian countries gathered in the oil capital of Kazakhstan to discuss the latest developments in the strategic development of the oil and gas industry in the Caspian shelf.
The environmental safety of offshore development and technological innovation will be discussed on the first day of the conference. The second day will be devoted to regional projects in the Caspian Sea, namely the development of offshore oil fields in Kazakhstan and Turkmenistan, innovative exploration and production technologies in the offshore fields of the Russian sector of the Caspian Sea and other issues.