Kazakhstan raises 2008 oil production forecast up to 70 m. tons

/INTERFAX-KAZAKHSTAN, Astana, September 4, 08/ - Kazakhstan plans in 2008 to produce 70 m. tones of oil, Suat Mynbaev, the Minister of Energy and Mineral Resources of the republic informed. "In 2007 oil and gas condensate production made 67 m. tones, having increased by 4 % compared to the previous year. In 2008 we expect production on 70 m. tones level, it will make 1.8 % of world production" - he said on the third Eurasian Energy Forum KazEnergy on Thursday in Astana. At that, the Minister noted that "by 2015 Kazakhstan will produce 100 m. tons of oil". "And the most part of it will be exported" - he added. Besides, the Minister stressed that "for Kazakhstan natural gas becomes a more and more perspective energy resource". "Prospecting reserves considering new fields, make about 3.3 trl. cubic meters. And potential resources reach 6.8 trl. cubic meters. It is 1.7 % of the world reserves" - S. Mynbaev stressed. The Minister also said that extraction and production of tank gas in Kazakhstan for the recent years has an upward tendency. "In 2007 we produced 29.6 bn. cubic meters, but at that, the forecast volumes of crude gas production by 2010 make 42 bn. cubic meters, by 2015 - 62 bn. cubic meters" he said. As informed in February this year S. Mynbaev said that Kazakhstan plans to produce 70 m. tones of oil in 2008. Meanwhile, in May, the Ministry of Economy and Budget Planning of the Republic Bakhyt Sultanov noted that Kazakhstan decreased forecast of oil and gas condensate production in 2008 to 67.6 m. tones. "This year, considering planned repair works and the volumes (of oil and gas condensate - IF-K) produced for 4 months, they (the Ministry of Energy and Mineral Resources - IF-K) precised the forecast to 67.6 m. tones. Last years we had been producing approximately 70 m. tones (the forecast of oil and gas condensate production in 2008)" - B. Sultanov announced. [2008-09-05]