Kazakhstan's Ministry of Energy has announced that the country's oil production is projected to increase by 7% in 2023, reaching a total output of 90.5mn tons, Astana Times reported.
The West Kazakhstan and Atyrau regions are expected to contribute significantly to the increase in oil and gas production, with a growth rate of 9%. Meanwhile, the Mangystau Region is set to experience a 7% growth in oil production.
In addition to the rise in oil production, Kazakhstan is also anticipating a 1% increase in gas output, reaching 53.5bn cubic meters in 2023, compared to the previous year. The Atyrau and West Kazakhstan regions are expected to play a key role in this growth.
To further enhance their oil and gas sector, Kazakhstan and China have formed a joint venture focused on cooperation in exploration, pipeline transportation, and oil refining. Under this collaboration, geological exploration of the subsoil will be carried out at several sites including Zharkyn, Bolashak, Northern Ozen, Berezovsky, and Mugodzhary.
Furthermore, both countries plan to conduct research related to expanding the throughput capacity of the Kenkiyak-Atyrau and Kenkiyak-Kumkol oil pipelines. This project aims to improve the transportation infrastructure and facilitate increased oil flow between the two nations.
The growth in Kazakhstan's oil and gas industry is a positive development for the country, as it relies heavily on these resources for its economy. Increased production not only strengthens its position as a major energy player but also presents opportunities for economic growth and investment.
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