How Many Years Will Oil Last in Kazakhstan?

Explored oil reserves in Kazakhstan may only last for a couple of decades if current production volumes are maintained, Orda.kz reports .

Oil and gas industry expert Nurlan Zhumagulov shared these calculations in his Telegram channel. He drew attention to KazMunayGas's statistics. According to them, Kazakhstan's remaining oil reserves currently amount to 2 billion 745 million tons. This is more than the country has produced since independence (2 billion tons).

At the same time, the analyst emphasized that 80% of the oil that can, in principle, be extracted now comes from the “big three” fields: Tengiz, Kashagan, and Karachaganak.

In the next ten years, the average oil production in the country should be 105 million tons per year. Conventionally, the current oil reserves will only last for 25-30 years, noted Nurlan Zhumagulov .

Since geological exploration has not received sufficient attention all these years, Kazakhstan’s main hope remains the promising areas of new deposits: Taisoigan, Karaton Podsolovoy, Abay in the Caspian Sea, Turgay Paleozoic.

At the end of July, reports emerged that Kazakhstan would reduce oil production to compensate for exceeding OPEC+ quotas.

Original Author: Nikita Drobny