Recoverable oil reserves in Kazakhstan to last for 50-60 years

Recoverable oil reserves in Kazakhstan will last for 50-60 years, according to the country’s Oil and Gas Minister Sauat Mynbayev. He told that at a government sitting on the 2012-2014 draft budget February 29. “According to the Geology Committee, recoverable resources are estimated at 5.3 billion tons. Annual oil production output stands at 81 million tons. We plan to bring the figure up to 90 million tons by 2015, with the figure reaching 120 million tons by 2020. If we maintain production level at 120-130 million tons a year, the oil will last for 45 years. Given that oil production output normally gets decreased at later stages, the resources might last for 50-60 years”, the Minister said when answering a question from Majilisman Viktor Rogalev. “Development of some oil blocks may be suspended in line with respective recommendations of the Security Council and stance of the Oil and Gas Ministry and the Government”, the Minister said, adding that “over time recoverable resources may be increased from the current 5.3 to 17 billion tons through geological exploration works”.