Baku, Azerbaijan, September 5
By Nargiz Sadikhova - Trend:
The volume of oil extraction in Kazakhstan is to be increased to over 105 million tons by 2025, Minister of Energy of Kazakhstan Kanat Bozumbayev said, Trend reports with reference to Kazakh media.
Bozumbayev made the statement during the expanded meeting on the issues of oil and gas sector development with participation of President of Kazakhstan Kassym-Jomart Tokayev within the framework of celebration of 120 years of Kazakhstan’s oil in Atyrau city.
The minister noted that implementation of a number of large-scale and long term projects is underway in oil and gas sector, in particular in major Kazakh oil fields.
“The main growth of investments in oil extraction in the medium term and worth $44.5 billion accounts for implementation of three projects: The Tengiz Future Growth Project ($36.8 billion), Kashagan Expansion Project Stage-1 ($2 billion) and Karachaganak Expansion Project ($4.5 billion),” he said.
According to Bozumbayev, the successful implementation of The Tengiz Future Growth Project will increase the annual volume of oil extraction on the field by 12 million tons starting from year 2023.
Furthermore, the extraction volume of 380,000 barrels a day has already been reached on Kashagan field, he added.
“At the same time, these projects are aimed at increasing the extraction volume to 420,000 barrels a day by 2022 and to 500,000 barrels a day by 2027,” the minister said.
The Karachaganak Expansion Project will allow to maintain this level of oil extraction in a long term period, Bozumbayev concluded.
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