Oil reserves in Kazakhstan's south to be exhausted in 10-15 years17 november 2014, 19:39
Crude oil in Kumkol oilfield located in Kyzylorda Oblast in Kazakhstan’s south is expected to be exhausted in the next 10-15 years, Tengrinews reports citing the region’s governor Krymbek Kusherbayev.
Kumkol oil field is a major onshore oil field in Kyzylorda Oblast. Its total proven reserves stand at around 300 million barrels and the current production makes around 78,000 barrels per day.
However, according to the region's governor Krymbek Kusherbayev, these reserves will be depleted some day. Therefore, he stressed the need to diversify the economy and industry to prevent potential problems from happening after the exhaustion of the oil reserves.
“For some region, diversification may be an option, but for us it is a vital necessity. Take Kumkol oil field, its recoverable reserves amount to 126 million tons. The oil processing annually makes 10 million tons. In the next 10-15 years, the reserves will be exhausted. Kumkol is the main oil field, so what will we do next? If we do not change the structure of the economy now and do not take urgent measures to diversify the economy, we will create big problems for the region in future. Therefore, industrial innovation program is the only way we have to change the structure and develop the region,” he said at the briefing at the Central Communication Service headquarters.
According to Kusherbayev, the region needs industries that would ensure its sustainable economy and bring profits. “Look at why we got the metallurgy? We designed the strategy for the region’s development to be implemented until 2020. We invited leading Kazakh and Russian experts. And together we concluded that there was no other way. Of course, we will continue working oil and gas. For example, now we are now working with the government towards getting a 7 km deep parametric well next year, because there are good reserves in Syrdarya sedimentary basin. We have fewer opportunities at Turgai plateau, but at Syrdarya basin we may be able to reach an output of 10-12 million tons a year in the next 5-7 years. But these reserves, too, will be depleted some day or another,” Krymbek Kusherbayev said.
He added that to address the problem a number of high-tech projects were being implemented in the region. They included construction of a glass factory, tire processing plant and stone crusher in Shiely District, as well as modernization of the region's food and technical salt production.
To complement the industrial diversification, the region's Governor called to pay more attention to agriculture and diversify it through developing fodder production, cultivation of oilseeds and horticultural crops.
Reporting by Altynai Zhumzhumina, writing by Assel Satubaldina, editing by Tatyana Kuzmina