Baku, Azerbaijan, May 21
By Fikret Dolukhanov - Trend:
Kazakhstan plans to increase oil production, Kazakh media reported May 21 with reference to the Minister of Energy of Kazakhstan Kanat Bozumbayev.
"Large projects will make a significant contribution to the economic growth of the country in the medium term. The volume of oil production will annually, steadily grow and by 2025 will reach a level exceeding 104 million tons per year," the minister said during the Government hour in the Majilis of the Parliament of Kazakhstan.
The minister noted that the oil and gas projects Tengiz, Karachaganak and Kashagan remain the main incentives for growth in the field of oil production. In 2017, with the release of industrial development of the Kashagan field, the total annual oil production in the country increased to 86.2 million tons from 78 million tons in the previous year
"In particular, Kashagan produced 8.3 million tons of oil last year. Thus, the level of annual oil production of the country rose to a new level," Kanat Bozumbayev said.
The minister noted that, for four months of this year, oil production in the country reached 30 million tons, showing an increase of 6 percent over the same period last year.
"This year, oil production in Kazakhstan is projected at 87 million tons. This is our preliminary forecast, but it is possible that it will be a little more," the Minister stressed.
In particular, Kashagan is expected to produce 11 million tons of oil and 6.8 billion cubic meters of gas. In 2019, the field is expected to reach a production level of 370,000 barrels per day, and by 2024, the project of further expansion is expected to increase production to 450,000 barrels per day.
"After 2022, oil production at Tengiz will increase from the current 26 to 39 million tons of oil per year. The plan for the future development of Karachaganak provides for the implementation of projects to maintain the current level of production," the Minister added.
In January this year, Kanat Bozumbayev assured that Kazakhstan is fulfilling its obligations under the OPEC agreement to reduce oil production.
The OPEC countries agreed on a total reduction in oil production by 1.8 million barrels per day at the end of 2016. Thanks to this, it was possible to stabilize the world oil prices, which had been rapidly declining.
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