Kazakh region set to up oil and gas production

Oil&Gas Materials 16 February 2018 15:45 (UTC +04:00)

Baku, Azerbaijan, Feb.16

By Nigar Guliyeva – Trend:

In 2018, Aktobe region should produce at least 6.2 million tons of oil and 7 billion cubic meters of gas, Kazakh region's governor Berdybek Saparbayev said at a meeting on the results of industrial development for 2017.

He said that the regions' industry showed a 5 percent increase in 2017, reaching in value terms more than 1.5 trillion tenge. Almost 6 million tons of oil and 6.6 billion cubic meters of gas were produced in the region.

"We constantly analyze the main market trends and the potential of the region. We know that there is every opportunity for further economic growth. In general, this year should be produced industrial products worth at least 2 trillion tenge, "said Saparbayev.

The governor further urged subsoil users to expand geological exploration work, which is stipulated by their contractual obligations.

Kazakhstan, holding 3 percent of the world's oil reserves, is among the top 15 countries in the world in terms of proven oil reserves.

Oil and gas bearing areas occupy 62 percent of the country's territory, and have 172 oil fields, of which more than 80 are under development. More than 90 percent of the oil reserves are concentrated in the 15 largest fields.

The fields are located on the territory of six of the fourteen regions of Kazakhstan. These are the Aktyubinsk, Atyrau, West Kazakhstan, Karaganda, Kyzylorda and Mangistau regions. About 70 percent of hydrocarbon reserves are concentrated in the west of Kazakhstan.

The official rate for Feb.y 16 is 320.42 KZT / USD.