Kazakhstan, which has been suffering from low oil prices, has been waiting for stabilization of oil production in the country in 2017 with further growth mainly at the expense of Tengiz field, Karachaganak and launching of the giant Kashagan field, said Kazakh Energy Minister Kanat Bozumbayev.
Reuters reported that for three years in row Kazakhstan has been reducing production since the peak of 81.7 million tons in 2013 explaining it by low prices for hydrocarbons and old fields.
In 2016 Kazakhstan forecasts to reduce extraction to 74 million tons from 79.5 million tons in 2015.
“According to the forecasts of international experts, balance of world oil prices is possible only in 2017-2018 with the prices of $60.00-65.00 per barrel. We expect stabilization of production since 2017 with further increase,” Bozumbayev said.
“The main growth of oil production in the country will be ensured by Tengizchevroil, Karachaganak and launching of Kashagan field,” he added.
Minister said that in 2016 Tengizchevroil, the biggest oil producer in the country, plans to reduce oil production to 26.4 million tons from 27.2 million tons in 2015 and insignificant reduction of production is expected on the fields of Karachaganak company from 11.6 to 12 million tons.
The both projects expect increase in production since 2022 after approval of the budget and solving of disputable issues.
“As we have initially planned, launching of the offshore field Kashagan is scheduled for the end of 2016,” Bozumbayev said.
