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Kazakh president points out need to timely oversee major oil projects

Oil&Gas Materials 22 April 2021 14:45 (UTC +04:00)
Kazakh president points out need to timely oversee major oil projects

BAKU, Azerbaijan, Apr. 22

By Nargiz Sadikhova - Trend:

The Tengiz Future Growth Project needs to be implemented within the set timeframe, Kazakhstan’s President Kassym Jomart Tokayev said, Trend reports citing the press office of the president.

Tokayev made the statement during the meeting on socio-economic development of the country’s Atyrau region.

The president noted that the government, together with the regional akimat (administrative center), should control the timely implementation of major oil and gas projects.

“It is important to complete the Future Expansion Project on time. It is also necessary to fully develop the Kashagan field. This will allow to increase oil production in the country by 15 million tons per year. As a result, new jobs will be created, ample opportunities will open up for representatives of domestic service companies, small and medium-sized businesses,” the head of state said.

The Kashagan field is one of the three largest oil fields located in the northern part of the Kazakh sector of the Caspian Sea. Its recoverable reserves reach approximately 9-13 billion barrels (1-2 billion tons) of oil.

The Tengiz oil field was discovered in 1979 and is one of the biggest and deepest oil fields in the world. The total explored reserves of Tengiz reach 3.2 billion tons, while recoverable reserves range from 890 million tons to 1.37 billion tons.

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