ASTANA, Kazakhstan, December 6. Kazakhstan will implement large oil and gas projects in the Tengiz, Karachaganak, and Kashagan fields, aimed at increasing oil production to 105.5 million tons and gas production to 82.1 billion cubic meters by 2027, Trend reports.
These initiatives are outlined in Kazakhstan's government-approved Comprehensive Plan for the Development of the Largest Oil and Gas and Petrochemical Projects for 2023-2027.
The Comprehensive Plan aims to implement 20 major projects in the oil and gas industry, oil and gas refining, and petrochemicals. The total amount of investment projected is $37.3 billion.
Previously, Kazakhstan's Ministry of Energy announced that the country aims to limit oil production beginning in January 2024 to help avert market volatility.
On November 30, OPEC+ oil producers struck an agreement on voluntary production cuts approaching 2 million barrels per day for the start of next year, with Saudi Arabia retaining its present voluntary cut.
At the same time, previously, OPEC predicted liquids supply in Kazakhstan would grow by 0.1 mb/d to an average of 1.9 mb/d in 2023. Looking ahead to 2024, the forecast anticipates a growth of about 80,000 b/d in liquids supply, averaging 2 mb/d.
The volume of oil production in 2022 in Kazakhstan amounted to 84.2 million tons, or 101.6 percent of the planned figure.
The Tengiz field produced 29.2 million tons of oil, or 100 percent of the 2022 plan. Oil production at the Karachaganak field amounted to 11.3 million tons, or 103.8 percent of the plan. At Kashagan, oil production amounted to 12.7 million tons, or 109.5 percent.
Oil exports in 2022 reached 64.3 million tons, or 103.4 percent of the plan.
In 2023, Kazakhstan aims to produce 90.5 million tons of oil, with an export plan of 71 million tons. Comparatively, the country's oil production stood at 85.9 million tons at the close of 2021 and 85.7 million tons in 2020.