By 2030 Kazakhstan may raise its daily oil production by 60% to 2015 up to 2.7 million barrels, Fitch forecasts

Almaty. August 26. Silkroadnews – In 2030 Kazakhstan may increase its oil production by 60% on 2015 up to 2.7 million barrels a day, a new report by Fitch Ratings says, KazTAG writes.

In the medium term the Kazakhstani oil and gas sector is said to be driven by ongoing and planned mega projects in upstream, oil and gas pipelines undergoing expansion and planned disposals in downstream.

«In 2015 Kazakhstan produced 1.7 million barrels of oil equivalent per day compared with Qatar and Norway with production of 1.9 million barrels of oil equivalent per day each, lagging behind such countries as Nigeria (2.4 million barrels of oil equivalent per day), Brazil (2.5 million barrels of oil equivalent per day) and Mexico (2.6 million barrels of oil equivalent per day). With this since 2001 the volume of oil production in Kazakhstan has doubled and in 2030 it may reach 2.7 million barrels of oil equivalent per day, which is a 60% growth versus 2015», the report says.

According to the experts, in 2025 the projected share of production from Kazakhstan's top-three mega oil projects – Tengizchevroil, Kashagan and Karachaganak – is likely to exceed 75% of the country's total, up from 50% in 2015.

«Over-reliance on a few mega oil fields makes it more exposed to single-project geological and technical risks and oil price volatility, as illustrated by the ongoing multi-billion dollar efforts to restart Kashagan», the analysts said.