The President was briefed on the outcomes of the Energy Ministry’s work for 7 months as well as the outlook for the fuel and power complex of the country. Mr. Nogayev reported on the projects aimed at future expansion and pressure control at the Tengiz oilfield enabling to increase oil production by 12 million tons by the end of 2022.
Kazakhstan plans to carry out oil and gas projects worth 15 billion US dollars by 2025, according to the minister. He also said that 15 renewable energy facilities with a total capacity of 432.05 MW have been commissioned since the year began.
Other such facilities with a capacity of 260 MW are to be put into operation by the year’s end. Kazakhstan has switched auctions for subsoil usage to electronic mode since September 1, 2020, thus ensuring transparency of competitive procurement processes and reduce operational costs entrepreneurs suffer.
Earlier, Nurlan Nogayev said oil and condensate production decreased by 1.4% in the first 7 months of 2020. Kazakhstan is fulfilling its obligations to reduce oil production within the framework of OPEC+.
“According to the results of 7 months of this year, oil and condensate production amounted to 51.5 million tonnes. This is 1.4% lower compared to the same indicator in 2019,” the head of the Energy Ministry said. He explained that the decline in oil production is associated with the implementation of the agreements reached by OPEC +.
“According to the results of 7 months of this year, oil and condensate production amounted to 51.5 million tonnes. This is 1.4% lower compared to the same indicator in 2019,” the head of the Energy Ministry said. He explained that the decline in oil production is associated with the implementation of the agreements reached by OPEC +.
