Kazakhstan Plans To Increase Oil Production By 2025-2029
Date
8/31/2024 1:06:16 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, August 31. Kazakhstan plans
to produce 97.2 million tons of oil in 2025, Kazakhstan's Minister
of National Economy Nurlan Baibazarov said during the government
meeting, Trend reports.
The official noted that according to analysts' forecasts, the
volume of oil production will reach 104.8 million tons in 2029,
which is 7.6 million tons, or 7.8 percent more than in 2025.
Earlier, the Chairman of the Board of KMG, Askhat Khassenov,
said that Kazakhstan's KazMunayGas (KMG, the national oil and gas
company) expects oil production to increase due to the use of new
technologies.
"50 percent of oil reserves are difficult to recover. The use of
new technologies will make it possible to obtain about 70 million
tons of additional oil production in 2025-2050," he said.
Meanwhile, the volume of crude oil production amounted to 44.9
million tons from January through July 2024, which is 0.9 percent
less than in the first seven months of 2023 (45.3 million
tons).
Furthermore, Kazakhstan produced 90 million tons of oil in 2023,
which is 6.9 percent higher than in 2022. Oil exports also
increased and amounted to 70.5 million tons, which is 9.6 percent
more than the previous year. Moreover, Kazakhstan plans to increase
oil production in 2024 to 90.3 million tons.
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