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Kazakhstan Looks to Break into List of Top-10 Global Oil Exporters

Kazakhstan Looks to Break into List of Top-10 Global Oil Exporters Energy

Kazakhstan Looks to Break into List of Top-10 Global Oil Exporters

Ascar Kenzhekhanov, Deputy Director of the Oil and Gas Information Centre of Kazakhstan’s Energy Ministry, reported that Kazakhstan plans to produce 77 million tons (564.4 million barrels) of oil. The statement was delivered at the Caspian and Central Asia Conference in Baku, Azerbaijan this week.

According to Mr. Kenzhekhanov, 2015 saw Kazakhstan’s oil production reduced due to lower crude prices that questioned the profitability of a number of the country’s companies.

“Last year, Kazakhstan produced 79.4 million tons (582 million barrels) of crude oil, which is 0.5% above estimates. Gas production amounted to 45.3 million cubic meters (1.6 bcf), exceeding expectations by 7%, as well as landing 5% above 2014 production,” he said. “The forecast for oil production in 2016 is 77 million tons.”

The Energy Ministry representative also added that Kazakhstan is diversifying its oil delivery system and is expecting an increase in production after operations begin at Kashagan, Kazakhstan’s oil and gas field in the North Caspian Sea.

“This will stimulate an increase in exports. We expect that by 2020 Kazakhstan will be among top-ten global oil exporters with 130 million tons (953 million barrels) produced annually,” Kenzhekhanov explains.

In 2015, Kazakhstan exported 446 million barrels, which amounts to 76.7% of the country’s overall produced volume. More than half of the volume was exported through the Caspian Pipeline Consortium from Western Kazakhstan to the Russian Black Sea port of Novorossiysk.

 

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