Azernews.Az

Friday March 29 2024

Kazakhstan to increase oil production in 2015

16 September 2014 17:00 (UTC+04:00)
Kazakhstan to increase oil production in 2015

By Aynur Jafarova

Kazakhstan's oil production is expected to reach 81.8 million metric tons in 2015, local media reported with reference to National Economy Minister Erbolat Dossayev on September 15.

"The Energy Ministry forecasts that oil production will reach 81.8 million metric tons in 2015 and increase to 96 million metric tons in 2019," Dossayev said while presenting the forecast of Kazakhstan's socio-economic development in 2015-2019.

He also noted Kazakhstan produced 81.8 million metric ton of oil and gas condensate in 2013. The baseline scenario of the forecast envisages 4.1 percent annual average growth of the world economy. It is expected that oil prices will stand at $90 per barrel and prices for metals will increase by 1.4 percent in 2015 and 5.3 percent in 2019.

"Real GDP growth in Kazakhstan is expected at 5.0 - 6.8 percent," the minister added.
The nominal GDP will reach 45 trillion tenge (181.95 tenge = $1) in 2015 and increase to 72.8 trillion tenge in 2019, the forecast states. GDP per capita will also increase from $13,900 in 2015 to $21,400 in 2019.

"The industrial production will grow by 1.9 -5.8 percent," Dossayev said.

Export will increase from $79.2 billion in 2015 to $93.5 billion in 2019 and import will grow from $50.1 billion in 2015 to $57.8 billion in 2019.

Kazakhstan, one of the five Central Asian countries, is rich with hydrocarbon reserves. The country's production comes mainly from five onshore fields - Tengiz, Karachaganak, Aktobe, Mangistau, and Uzen - and two offshore fields - Kashagan and Kurmangazy, both located in the Caspian Sea.

The Statistics Committee of the Ministry of National Economy said earlier that crude oil production in the country amounted to 53,585 million metric tons for 8 months of this year, and this is 0.7 percent less compared to the same period of 2013.

The production of crude oil amounted to 45,012 million metric tons, condensate to 8,573 million metric tons and natural gas to 28.3 billion cubic meters in the reported period.

Loading...
Latest See more