Kazakhstan’s oil output to dwindle after 2030

Kazakhstan

ASTANA, September 23, 2014 – Oil and Gas Minister Uzakbay Karabalin said last week that Kazakhstan’s oil output will peak in 2024-2030 “unless new oilfields come on stream.”

According to the National Energy Report presented by Asset Magauov, the general director of KAZENERGY, oil production will not increase to more than 880 million-953 million barrels per year if more investment is not allocated to the discovery of new oil and gas fields.

Karabalin added that the country’s current reserves will enable oil production to continue for a further 50 years.

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