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Kanat Bozumbaev announces the forecast for oil production in 2018

by May 31, 2018 Legal

By 2025, oil production in Kazakhstan will be 104 million tonnes per year. This was stated by Minister of Energy Kanat Bozumbayev during the meeting with the Public Council on the issues of fuel-and-energy complex and ecology.

Over the five months of this year, the country’s production reached 37.7 million tonnes, showing an increase of 6% compared with the same period in 2016. This year, according to our forecasts, production is expected to be at above 87 million tonnes, and we are now ahead of the curve, – Kanat Bozumbaev said.

The Minister noted that oil production growth is achieved due to three large deposits: Kashagan, Karachaganak, and Tengiz.

Major projects will make a significant contribution to the economic growth of the country in the medium term. The volume of oil production will grow steadily and by 2025 will reach the level of 104 million tonnes per year, � Kanat Bozumbaev added.

Source: Government of the Republic of Kazakhstan