Eric Watkins
Senior Correspondent
LOS ANGELES, Jan. 18 -- Kazakhstan's Economic and Mineral Resources Minister Baktykozha Izmukhambetov predicted his country's oil and gas production will jump in 2008, largely from completion of another phase of the TengizChevroil project.
Izmukhambetov said the second phase of the TengizChevroil project will be completed at yearend in giant Tengiz oil and gas field along the Caspian coast.
He said Tengiz production will grow to 20-22 million tonnes/year in 2008 and eventually to 25 million tonnes/year from the present 13 million tonnes/year.
"Of course, there will be a large increase in production at the end of 2009-10 when production begins under the Kashagan project" in the Caspian Sea, he said.
"There will not be much of an increase in 2007, because we produce most of our oil onshore, and these fields are old," he said. "Production is falling at these fields."
Izmukhambetov said the energy sector's goal is to produce 65 million tonnes of oil during 2007 and to refine 12.5 million tonnes.
He said gasoline production this year should total 2.8 million tonnes, diesel fuel 3.5 million tonnes, fuel oil 3.2 million tonnes, and kerosene 384,000 tonnes.
According to the energy ministry, Kazakhstan produced 64.8 million tonnes of oil and condensate in 2006, 5.5% more than in 2005.
Contact Eric Watkins at [email protected].
