Kazakhstan's oil output growing slowly

Oct 07, 1998 02:00 AM

Kazakhstan expects to produce around 30 mm tonnes (600,000 bpd) of oil in 1999, versus about 28 mm (560,000 bpd) in 1998, the head of Kazakhoil said.
"Next year it (production) has been forecast at a level of around 30 mm tonnes," Nurlan Kapparov said at a conference in Kazakhstan's Almaty. Output this year would be 28 mm tonnes, he said.
Kapparov said that conditions for the Kazakh oil sector were difficult, with access through Russia's pipeline system limited and world oil prices depressed.
But he said that foreign companies, who have already spent billions of dollars in the vital sector, would stick to their commitments to the vast, resource-rich Central Asian republic.
Major investors in Kazakhstan's energy sector include Chevron and Mobil and British Gas.
Kapparov said Kazakhstan had been expecting to produce around 29 mm tonnes of oil and gas condensates this year, but problems facing the huge Karachaganak gas and condensate field in the north-west of the country had trimmed expectations.
He said that the fall in oil prices would cost around $ 100 mm in lost budget revenues for the state.

Source: not available
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