Kazakhstan's oil production to reach 108 million tons per year by 2025
BY NARIMAN GIZITDINOV
ALMATY (Bloomberg) -- Kazakhstan will boost annual oil output to 108 million metric tons a year by 2025 amid increases from the Kashagan, Tengiz and Karachaganak fields, Oil and Gas minister Uzakbai Karabalin told reporters in Astana.
New offshore and onshore projects are also set to contribute to the output growth, said Karabalin, speaking at a conference in the capital. The Central Asian nation will produce 83 million tons of oil in 2014, its Economy and Budget Planning said on Aug. 28.
Kashagan, in the Caspian Sea, produces about 60,000 barrels a day, Sauat Mynbayev, KazMunaiGaz National Co, CEO, said at the conference. The field’s output is set to reach 8 millions tons next year and 12 million tons in 2015, according to Karabalin. An expansion of the Tengiz field is expected to begin next year.