NUR-SULTAN, Kazakhstan – Kazakhstan will increase oil production from 90 million tonnes in 2020 to 100 million tonnes in 2024, Kazakh Minister of National Economy Ruslan Dalenov said on 23 October.

According to him, an increase of oil production can be possible due to the expansion of the Tengiz, Karachaganak, Kashagan oilfields, and the commissioning of offshore fields.

“The volume of oil production will increase from 90 million tons in 2020 to 100 million tons in 2024. According to the data of world financial organisations, in 2019 the consensus forecast for oil prices will be $ 65 per barrel. In 2020, it will drop to $ 63 per barrel. The basis of the forecast and kazakh budget parameters is the base scenario – $55,” — Dalenov told at a plenary session of the Mazhilis, Kazakhstan’s Lower House of Parliament.

He added that investment will be the main factor in maintaining economic growth.

There are three large oil and gas projects in Kazakhstan. Kashagan, which ranks ninth in the world in oil production – balance reserves: 6 billion tonnes of oil; Tengiz, which is a field that accounts for a third of the country’s total oil production – Balance reserves: 3.1 billion tonnes of oil; and Karachaganak – balance reserves are 1.3 billion tonnes of oil.