Astana does not intend to limit oil production at Kashagan

Астана не намерена ограничивать добычу нефти на Кашагане

Regardless of agree or not agree the country-oil producers to reduce production volumes are no restrictions on the largest in Kazakhstan’s Kashagan oil and gas field will not. It was declared to journalists by Minister of energy of the Republic Kanat Bozumbayev.

“The question of restriction of output at Kashagan could not be, because there are obligations, invested a lot of money,” — said the Minister.

He added that by the end of 2016 production of “black gold” in the country will be reduced by approximately 75.5 per cent.

At the same time Bozumbayev considers that the agreement on production cuts would benefit all countries-the oil producers, including Kazakhstan.

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“When there is less produce oil sooner will come the harmony and balance, which, for example, middle Eastern countries is estimated as $ 60 per barrel at the end of the year. For us it is very good,” said the Minister.

The vast Kashagan oil and gas field was discovered 16 years ago in the Kazakh section of the Caspian sea. It was immediately recognized as one of the most promising in the world. Oil reserves of Kashagan are estimated 38 billion barrels, of them recoverable — about 10 billion barrels. Natural gas reserves — over 1 trillion cubic meters.

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The implementation of the project began in 2006. First oil at Kashagan was extracted in September 2013. However, after a few weeks after the start of operation of the field there was a big accident, and production had to stop.

In mid-October 2016 field operation resumed. Went for export first Kashagan “black gold”. It is expected that by the end of this year here can be produced about 1 million tons of oil. In 2017, this figure may reach 7 million tons.

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