Kazakhstan intends to increase oil and condensate production to 112 million tonnes by 2030

Oil&Gas Materials 28 May 2014 13:29 (UTC +04:00)

Astana, Kazakhstan, May 28

By Daniyar Mukhtarov - Trend:

The gross volume of oil and condensate production in Kazakhstan must make nearly 112 million tonnes by 2030, the country's Oil and Gas Minister Uzakbai Karabalin said on May 27.

He made the remarks at a press conference while presenting the new concept for development of Kazakhstan's fuel and energy complex in Astana.

"The gross volume of oil and condensate production in Kazakhstan must be equal to nearly 112 million tonnes by 2030. It hit 81.8 million tonnes in 2013," Karabalin said.

The minister pointed out that among the countries with increasing hydrocarbon supply, Kazakhstan ranks 12th in the world for its oil reserves and 20th - for gas reserves.

"The recent years' study shows that it is possible to significantly increase the volume of the country's reserves, especially in the Caspian basin. But this will be possible only by increasing the attention to the subsoil use and geological exploration, in particular, to the technical and technological tools, financial support and economic incentives," Karabalin said.

He underscored that the Oil and Gas Ministry plans to implement a package of measures, including the increase of ration of oil production and measures on innovational development, as well as creation of research support infrastructure.

"Special attention will be paid to the country's processing sphere in accordance with the new concept. One of the important measures is to increase the country's processing capacity from the current 14 million tonnes to 20 million tonnes per year by 2030," the minister said.

Edited by C.N.