Baku, Azerbaijan, July 24
By Leman Zeynalova – Trend:
The volume of oil production in Kazakhstan in 2017 stood at 86.2 million tons, which is 10.5 percent more than in 2016, said the financial report of the country’s KazMunaiGas JSC, published on Kazakhstan Stock Exchange (KASE).
The report said that Atyrau and Mangistau regions of Kazakhstan accounted for the largest volume of production in the country during the abovementioned period.
"The increase in production in 2017 is mostly associated with a stable growth of output at Kashagan field (8.2 million tons), as well as due to the growth at Tengiz field (28.7 million tons) and Karachaganak field (11.2 million tons)," said KazMunaiGas.
It is planned to produce 87 million tons of oil in Kazakhstan in 2018, said the company.
“Kashagan field will account for the major part of the output growth in Kazakhstan in 2018. It is planned to produce 11.3 million tons of oil at Kashagan field,” said the report.
At the same time, reportedly, oil output is expected to decline at Kyzylorda and Aktyubinsk group of oil fields due to the late stage of development and natural depletion of deposits.
This is while gas production in Kazakhstan in 2017 amounted to 52.9 billion cubic meters, which is 14 percent more than in 2016, according to KazMunaiGas’ estimates.
It is planned to produce 53.5 billion cubic meters of gas in the country in 2018, said the report.
Kazakhstan has been producing oil since 1911. The country ranks second for the volume of hydrocarbon reserve and oil production among the former Soviet republics.
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