The first million tons of oil from the Kashagan field was shipped for export. The production volume in the field is now approaching the level of 180,000 barrels per day. Production will be boosted further. It is assumed that at the peak of operation, Kashagan will manufacture up to 1,5 million barrels per day. In 2017, according to Kazakhstan’s Ministry of Energy, oil and gas condensate production will exceed 80 million tons. Meanwhile, in February, Kazakhstan intends to review the forecasts for oil production and socio-economic development. They are preliminary now. In December, Kazakhstan reduced production by 20,000 barrels per day. The agreement with OPEC will act for six months. But it will not have a significant impact on the economy.

TIMUR SULEIMENOV, KAZAKH MINISTER OF NATIONAL ECONOMY:

It will operate for 6 months; accordingly, it doesn’t affect Kazakhstan to a significant degree. We are involved by less than one percent. Therefore, we will reconsider the whole socio-economic forecast. We will work out the figures with the Ministry of Energy.

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