Minister: Kazakhstan to increase oil production at the expense of Kashagan and Tengiz projects
Kazakhstan, Astana, October 8/ Trend D.Mukhtarov /
Oil production in Kazakhstan will be increased supported by the Kashagan and Tengiz projects, Kazakh Oil and Gas Minister Uzakbai Karabalin told journalists on Tuesday.
"In the first instance, the Tengiz Future Growth Project is ready to start. Of course, the main contribution to the oil production will be provided at the expense of the Kashagan field. The Karachaganak field has been further developed," the minister said.
Earlier, at the opening of the VIII KAZENERGY forum, the head of KazMunaiGas JSC Sayat Mynbayev said that Kazakhstan expects a year-on-year increase in oil production and condensate to 100 million tons by 2025. Nevertheless, he didn't specify concrete projects at the expenses of which it is planned to increase the oil and condensate production.
"By comparison, this figure was equal to 79 million tons in 2012. Of course, all this will depend on the time, the third phase of Karachaganak, on the expansion of Tengiz and probably the second phase of Kashagan, but KazMunaiGas participates in all of these projects.
"The company plans to increase the consolidated production of oil and gas from 21 million tons to 35-36 million tons in next 10 years. In total, this will amount to nearly one third of all the produced oil in the republic. One of the main directions for increasing resource potential is the consolidation of geological research work.
For these purposes, our company intends to spend up to $5 billion by 2017. That's to say at the expense of effective geological researches, we expect the growth in the proven reserves of KazMunaiGas to rise from 823 million to 1.4 billion tons," the head of the JSC said.