Kazakhstan is planning to boost oil production to 104 million tonnes by 2025
Kazakhstan is planning to boost oil production to 104 million tonnes by 2025. Last year, the volume of extracted oil exceeded 86 million tonnes. This output is attributed to the largest oil fields in Kazakhstan such as Karachaganak, Tengiz and Kashagan. Currently, exploration works are taking place in 45 oil fields in Kazakhstan. The country plans to attract more investors and apply innovative methods to drive the development of the industry. Legal framework is also provided as a support.
SHAVKHAT UTEMISSOV, MEMBER OF MAZHILIS, LOWER HOUSE OF KAZAKH PARLIAMENT:
- We need to introduce new technologies. Scientific works need to be done for this purpose. We think that after the law “on subsoil and subsoil use” comes into force, the volume of investments in geology will rise. It will allow us to explore new fields and boost oil production.
GULMIRA ISSIMBAYEVA, DEPUTY SPEAKER OF MAZHILIS, LOWER HOUSE OF KAZAKH PARLIAMENT:
- Adoption of the code “on subsoil and subsoil use” that provides new regulatory ways for the mining and oil and gas industry, as well as changes in the tax policy in the manufacturing sector give the new impetus to the further development of the oil and gas sector, and it also has the multiplier effect on the socio-economic development of the regions.
Kazakhstan also plans to process 16 million tons of oil in 2018. They also plan to reduce the volume of imported oil products. According to the Kazakh Energy Ministry officials, Kazakh oil refineries will fully satisfy the demand of the domestic market in gasoline and aviation fuel next year due to the modernization of oil refineries in Pavlodar and Atyrau. The oil refinery in Shymkent will also be upgraded by the end of the year.