Minister: Kazakhstan develops three basic scenarios for oil production
Astana, Kazakhstan, Jan. 27
By Daniar Mukhtarov - Trend:
Kazakh Ministry of Oil and Gas has defined three basic scenarios for oil production: 'accelerated', 'economical' and 'pragmatic', Kazakh Minister of Oil and Gas, Uzakbai Karabalin said on Monday at an extended board meeting.
"This is due to several reasons. First of all, forecast of all leading expert organizations in the world are talking about the preservation of a long-term leading role for oil and gas in the energy industry. Moreover, according to the International Energy Agency (IEA) and BP analysts, oil demand in the world will increase from the current four billion to five billion tons per year by 2035. Given this, in the next three decades the Brent oil's price, in line with the most moderate estimates, will increase to $130-160 per barrel," Karabalin said.
He said that the 'pragmatic' scenario seems to be more optimal. It is oriented to dynamic but consistent growth in production up to 100 million tons in 2020, up to 110-115 million tons in 2030, and stabilization at the level of 110 million tons in 2040-2050.
Translated by E.A.
Edited by C.N.