Kazakhstan’s Oil Production to Reach 75 Million Tons

Kazakhstan’s Minister of Energy and Mineral Resources Sauat Mynbayev said this year oil production in the country is projected to reach 75 million tons (approximately 1.5 million barrels per day), 6.2 percent higher than in 2008.

At this level, Kazakhstan’s production will constitute 1.8 percent of the world’s total.

Taking into account the growing rate of extraction and significant explored reserves (3.2 percent of world reserves, or 4.6 billion tons) experts believe in ten years Kazakhstan could become one of the world’s largest non-OPEC oil producers. Moreover, the proportion of projected resources reaches eight per cent (17 billion tons) of the world’s total.

In the coming years, oil industry will remain an important source of revenue for the national budget. The President has already tasked the government with developing oil and gas refineries and infrastructure sectors. Bulat Uzhkenov, Chairman of the Geology and Subsoil Use Committee of the Ministry of Energy and Mineral Resources, said investments in Kazakhstan’s oil sector by 2015 would reach 27.3 billion dollars.

Article from here.