Kazakhstan's oil and gas industry development outlooks

Dec 17, 2004 01:00 AM

On the 3rd day of the Sino-Russo-Kazakh Oil Trading Forum in Dubai a round table was held on the subject of Geography of Mining, Procession and Transportation in Russia and Kazakhstan.
Chief of the refinery department of the Ministry of Energy and Mineral Resources of Kazakhstan, Bakhyt Makhanov, reported on Kazakhstan's oil and gas industry development outlooks.

He emphasized that pragmatic and thoroughly weighed approach which considers mutual interests is beneficial for everybody, particularly for Kazakhstan.
"The important component of strategic partnership should be close long-term cooperation in energy industry. We consider energy to be the basis of internal economic development and welcome diversification of trade-economic relations between our republic and other countries", he emphasized. He informed this year it had been planed to produce up to 57 mm tons of oil and 16 bn cm of gas. The growth is mainly predicted due to such fields as Chingiz, Karachaganak and Kumkol.

Bakhyt Makhanov informed the reserves of Kazakhstani sector on the Caspian Sea had been predicted to be 15 bn tons of equivalent fuel. Today's situation allows forecasting the total output of hydrocarbons to have amounted to 170-180 mm tons by 2015.
The leader of Kazakhstani delegation in forum emphasized that Kazakhstan was a country where reforms were carried through effectively and with comparatively well developed infrastructure and oil and gas transportation.

Source: Kazinform
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