Kazakhstan’s oil output increased by 6.4 percent in the first five months of 2018 from the same period of 2017, the country’s First Deputy Energy Minister Makhambet Dosmukhambetov said on Tuesday.
According to the ministry’s official webpage, from January to May, the volume of oil and condensate production amounted 37.7 million tons, while total oil exports reached 30.6 million tons - an increase of 5.7 percent compared to the same period of 2017.
Dosmukhambetov stated 22.7 million tons of the oil production came from Kazakhstan’s major oil fields - 12.5 million tons from Tengiz, 5 million tons from Kashagan and 5.2 million tons from Karachaganak.
Moreover, in the first five months of 2018, natural gas production amounted 23.4 billion cubic meters (bcm) with a growth of 6.4 percent while exports increased 28.4 percent to 8.6 bcm compared to the same period in 2017.
"The oil market situation is stable and there is no deficit of fuel," he said at a government meeting and added, "The fuel and energy industry continues its dynamic development. Achievement of key indicators is closely monitored by the Ministry."
Previously, on Jan. 22, Kazakh Energy Minister Kanat Bozumbayev said the volume of oil production is expected to be around 87 million tons in 2018, while the production of natural gas is forecast to be 53.4 bcm.
Kazakhstan’s proven oil reserves stood at 3.9 billion tons at the end of 2016, while natural gas reserves were 1 trillion cubic meters, according to the BP Statistical Review of World Energy.
By Firdevs Yuksel
Anadolu Agency