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Oil production in Kazakhstan to reach 120-130 million tons by 2015 - Mynbayev

Astana. October 16. Kazakhstan Today - Oil production in Kazakhstan is expected by 2015 to reach 120-130 million tons, taking into account the capacity of the Caspian shelf; volumes of extraction of gas will reach 70 billion cubic meters, the Minister of Energy and Mineral Resources of Kazakhstan Sauat Mynbayev said at the international conference Strategy of Kazakhstan-2030: the results of the 10 anniversary and prospects at the session on the fifth priority - Energy resources on Friday, the agency reports referring to the Energy Ministry press service. The Minister of Power Generating Industry informed that "volume of investments in subsoil use in 2006 increased in comparison with 1997 by almost 5 times and made $14.5 bln against $3.1 bln." Extraction of oil and gas condensate in 2006 in comparison with 1997 increased by 2.5 times and made 64.8 million tons. Extraction of gas in 2006 increased in comparison with 1997 by more than 3 times, and made 27 billion cubic meters. The second stage of the industry program of development of the petrochemical industry for 2004-2010 is being realized. "Long-term priority objective and strategy of realization of the goals of energy branch is the effective utilization of power resources of Kazakhstan by a rapid increase of extraction and export of oil and gas with the objective of receiving the incomes, which will provide stable economic growth and improvement of life of people," S. Mynbayev concluded.

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