Economics

Kazakhstan may exceed 2019 oil production target

Photo from laowai.ru
More than 90 million tons of oil are to be produced in Kazakhstan by the end of the year. This was announced at a press conference in the Government by the Deputy Minister of Energy of the Republic of Kazakhstan, Aset Magauov, Kazpravda.kz correspondent reports.

“In January-November 2019, the preliminary production amounted to 82.5 million tons of oil, which is 101.8% of the plan for 11 months. The annual plan is 89 million tons. According to preliminary forecasts, we will exceed it. By the end of the year, it is expected to be fulfilled at the level of 90.5 million tons, which is approximately 100.2% on-year,” Magauov said.

According to him, 60% of the production comes from three large fields: Tengiz, Karachaganak and Kashagan.

“Overhauls were carried out on these projects in 2019. The Kashagan project this year reached production level of 370 thousand barrels of oil per day. For other fields, we are projecting a decrease in production, primarily in the old fields of Kyzylorda and Aktyubinsk groups. I think that in the next 2-3 years we will maintain production at 90 million tons,” said the speaker.

According to him, due to the project for the Tengiz field expansion and expansion of gas re-injection capacities at the Kashagan field, an increase in oil production is forecasted.

“It will result in production increase by about 12 million tons per year, which will allow reaching a stable production level of 100 million tons of oil already in 2023. The project for future expansion is in the active phase, the total cost of the project is estimated at $36.8 billion. Progress on it is already about 72% on the general fulfillment plan; about $ 28.5 billion has been disbursed. We expect that the project will be completed on schedule,” the vice minister added.

Author:
Aidana Demesinova
18:05, 6 December 2019
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