Kazakhstan might increase oil and condensate production 50% by 2020
ASTANA. Feb 29 (Interfax) - Production of oil and condensate in Kazakhstan might increase by 12% by 2015 in comparison with 2011 and almost 50% by 2020, the country's Minister of Oil and Gas Sauat Mynbayev said at a meeting of the Mazhilis (lower house of the Kazakh parliament) on Wednesday.
"Annual production [oil and gas condensate] comes to 81 million tonnes now. We realistically forecast this to increase to around 90 million tonnes by 2015 and possibly 120 million tonnes by 2020," Mynbayev said.
He said that with daily production at 120 million tonnes, the country's oil supply will be steady for 40-45 years. "But bearing mind that plateau production usually goes down subsequently, then this will be over 50 or around 60 years," the minister said.
"Recoverable reserves today, according to the geological committee, come to around 5.3 billion tonnes. Forecast resources come to around 17 billion tonnes. An increase in reserves is possible. Everything depends on the success of geological surveys," Mynbayev said.
Kazakhstan produced 80.1 million tonnes of oil and gas condensate in 2011. Output this year should come to 81 million tonnes.