Kazakhstan: Officials See New Energy Boom Era
As oil prices sink to impressive new lows, Kazakhstan is declaring, once again, that its giant Kashagan field will begin working at the end of 2016.
That was one of a range of hopeful and optimistic forecasts for the energy industry laid out by National Economy minister Yerbolat Dosayev at a government meeting on December 8.
The ultimate goal is to produce more, export more and eventually refine more.
If the government’s hopes are met, Kashagan will be able to churn out 13 million tons oil in 2020.
In April, work will begin on expanding Tengizchevroil, a joint venture between Chevron (50 percent), ExxonMobil (25 percent), Kazakhstan state oil and gas comeny KazMunaiGaz (25 percent) and Russia’s LukArco (5 percent).
Tengizchevroil develops the Tengiz and Korolev fields, which are estimated to hold up to 1.1 billion tons worth of recoverable crude in total.
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