KazEnergy talks on Kazakhstan's potential for oil & gas production

Oil&Gas Materials 24 April 2018 21:35 (UTC +04:00)

Baku, Azerbaijan, April 24

By Ali Mustafayev – Trend:

Kazakhstan's potential for oil and gas production continues to increase, Advisor to Kazenergy Association Chairman Arman Satimov said at the 3rd SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku April 24.

"In the future, oil and gas production can bring participants of the country's oil and gas market, as well as the state $1.4- $2 trillion," he said.

He said that the total share of Kazakhstan's energy products in the country's exports exceeds 60 percent.

According to Satimov, the indicators of dynamics in all parameters of Kazakhstan's oil and gas sector are positive. The oil output volume in Kazakhstan in 2017 amounted to 86.2 million tons, while the figure is expected to jump up in 2018.

"The rise in oil output is expected to be at the level of one million tons up to 87.2 million tons in 2018. The volume of oil refining in 2018 is expected to reach 16 million tons, which is 1.1 million tons more than in 2017," Satimov said.

He noted that the gas production indicators in Kazakhstan are also positive.

"Kazakhstan exploits only 60 gas fields out of available 228, which means a great potential for future expansion of the gas production in the country. In 2018, it is also planned to increase gas production by 500 million cubic meters, to 53.5 billion cubic meters. The figure was 53 billion cubic meters of gas last year," he said.