NUR-SULTAN, Kazakhstan – For five months of this year, the volume of oil production amounted to 36.5 million tons, which is 1% higher than the operational plan, Kazakhstan’s Energy Minister Kanat Bozumbayev said on 20 June.

The main increase in oil production in Kazakhstan is expected from three large projects – Kashagan, Tengiz, and Karachaganak in the long term. These three fields will give 60% of the total production of oil in the republic, Bozumbayev said at a meeting with the public.

“Oil production in three major projects for the five months of this year amounted to 21.7 million tons, including 4.24 million tons at Kashagan, 12.48 million tons at Tengiz, 4.97 million tons at Karachaganak,” Bozumbayev said.

According to him, by the end of the current year, Kazakhstan plans to produce approximately 89 million tonnes. After the planned repair, Kashagan reached a record level of 400,000 barrels per day.

At the same time, according to the minister, for the full disclosure of Kashagan’s potential, the ministry expects the shareholders the North Caspian Operating Company (NCOC) to determine the Strategy for the full-scale development of this field by the end of the year.

“The government has improved the attractiveness of investment in exploration at sea. Preferences in the Tax Code created conditions for this. Therefore, now the shareholders of the consortium on the principle of synergy are exploring options for joint development of such nearby offshore oil and gas blocks as the Kalamkas-Sea and Khazar fields before the end of the year. In the medium term, we expect the revitalisation of such maritime projects as Isatai, Abay, Zhenis, Aktoty, and Kairan” Bozumbayev said.

As for the Karachaganak field, the gas factor is growing, which affects the decline in oil production here. Therefore, the government and the shareholders of the Karachaganak Petroleum Operating Consortium jointly discussed the task in order to keep production levels in the amount of 11-12 million tonnes per year in the long term.

As for the Tengiz field, the volume of oil production is growing and this year it is expected to reach a level of 29 million tonnes. After the implementation of the project of future expansion in 2024, the volume of production at Tengiz is expected to increase to 39 million tonnes per year.