Kazakhstan is looking for the sources to increase oil production on the producing fields to compensate losses caused by failure to launch the Kashagan field on the Caspian Sea shelf, Yerbolat Dosayev, Kazakhstan Minister of Economy and Budget Planning, said on Wednesday at the plenary session of the Majlis.
Minister added that “the budget will not earn anything from the Kashagan project, because all incomes go directly into the National Fund.” “There is issue of volume of oil production, which was envisaged by the forecast of the socio-economic development of the republic for 2015, and failure to launch the Kashagan field affects GDP growth,” Dosayev added.
Daniyar Berlibayev, deputy chief of KazMunaiGas national company, said that against the background of delay of the project to implement Kashagan field Kazakhstan has reduced its forecast of oil production in 2014 to 81.8 million tons from the last target level of 83 million tons.
