Kazakhstan ups 2017 oil output forecast

Kazakhstan revised up oil output forecast for 2017 to 81 million tons, National Economy Minister Timur Suleimenov said at a meeting on outcomes of 2016 and priorities for 2017, the Economy Ministry said on Feb. 23.

Earlier, Kazakhstan forecast the 2017 oil output at 79.5 million tons. In 2016, Kazakhstan’s oil and gas condensate production hit 78.04 million tons (down 1.8 percent compared to 2015).

The forecast was improved thanks to start of oil production at the Kashagan oil field, launched in autumn 2016, according to the minister.

Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. Its recoverable oil reserves amount to 9-13 billion barrels. In 2017, production at Kashagan is expected reach 8.9 million tons of oil and 5.6 billion cubic meters of gas. It is planned to increase the production in subsequent years to 13 million tons of oil and 9 billion cubic meters of gas per year, according to Kazakh Energy Ministry.

Suleimenov noted that oil industry will be among the main drivers of the country’s economy in 2017 along with manufacturing industry and transportation sector.

Kazakhstan’s GDP growth is expected at 2.5 percent in 2017, according to the minister. (Trend.az)