By Nigar Abbasova
The oil and natural gas production in Kazakhstan decreased in January-May 2016, the Kazakh Statistics Committee said.
Oil and gas condensate production decreased by 4.4 percent - to nearly 32.38 million tons in January-May 2016. The oil production decreased by 2.8 percent, to 27.67 million tons, while gas condensate decreased by 13.4 percent, to 4.71 million tons.
Gas production in the same period decreased by 2.3 percent and amounted to 18.99 billion cubic meters. Associated gas production amounted to 10.63 billion cubic meters, which is 5 percent higher than the rate shown in the same period of 2015.
Kazakhstan's oil and condensate output totaled to 79.46 million tons in 2015, which is by 1.7 percent less than in 2014. The gas production increased by 5.2 percent - to 45.713 billion cubic meters of gas in the country in 2015.
Kazakhstan's economy depends heavily on the oil sector. It accounts for an estimated 20 percent of GDP, 50 percent of fiscal revenues, and 60 percent of exports
The country's proven oil reserve as of early 2016 stood at 30 billion barrels, according to BP Statistical Review of World Energy. Largest oil fields of the country are Tengiz, Karachaganak and Kashagan.
Meanwhile, the volume of raw, semi-finished, powder-form gold production in January-May totaled 27.88 tons the rate is by 19.9 higher than the same period in 2015.
The production of affined gold in the country increased by 3.7 percent and amounted to 13.25 tons.
The production of raw, semi-finished, powder-form silver has decreased by 1.9 percent and totaled 508.92 tons. The production of affined silver amounted to 507.84 tons, the rate is lower by 1.9
The country is reach in terms of the mineral resources such as zinc, copper, titanium, alumina, tungsten, steel, and barite. Kazakhstan ranks second after Russia for the quantity of mineral production among the CIS countries.
Metals and mining industry is vital to the country. The industry contributes about 19 percent of the country’s GDP and 16 percent of exports. The mining industry in Kazakhstan is focused mainly on extraction and export of raw materials and base metals.
Kazakhstan’s GDP growth slowed from 4.1 percent shown in 2014 to 1.2 percent in 2015 due to falling oil prices and weakened domestic and external demand.
The official exchange rate of the US dollar and euro to Kazakh tenge was set at 338.75 tenge and 380.04 tenge respectively on June 16.
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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