Kazakhstan to minimize oil imports and meet domestic demand by 2020: Oil and Gas Minister

17 сентября 2013, 13:00
© RIA Novosti
© RIA Novosti
Kazakhstan will reach its maximum oil production output in 2024-2030, the country’s Oil and Gas Minister Uzakbai Karabalin announced at a government sitting September 17, Tengrinews reports.

"Amidst the current state of the oil industry, the oil production is set to reach the peak in 2024-2030, with the production volume falling to 30-50 million tons unless new oilfields come on stream”, Mr. Karabalin said, elaborating that “it’s a pessimistic scenario”.

According to the Ministry’s estimates, in 2014 Kazakhstan is expected to produce 83 million tons, with the figure to be brought up to 110 million tons in 2018.

“In line with the pessimistic scenario, we expect about 110 million tons by 2030. The optimistic scenario hinges on the plan of development of the giant Kashagan oilfiled and other fields; besides, some new oilfields may emerge”, according to him.

“Kazakhstan will minimize oil imports and meet the domestic demand by 2020. The maximum exports of crude is expected at over 90 million tons in 2025”, he said.

The Minister elaborated that CPC, Atyrau-Samara, Kazakhstan-China pipelines are expected to be the major export routes; besides, oil is to be shipped by rail and from the seaport of Aktau.

Mr. Karabalin emphasized that Kazakhstan’s reserves enable to produce oil for another 50 years. “Kazakhstan is among the top ten nations in terms of oil reserves”, he elaborated.

According to him, Kazakhstan is capable of supplying sufficient oil to the three Kazakhstan-based refineries.

September 11 the giant Kashagan field saw the much-awaited start of oil. According to the project’s operator, the oilfield’s reserves are estimated at 38 billion barrels, with 10 billion barrels being recoverable.

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