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News // Energy

Kazakhstan to produce up to 99 mln tons of oil by 2023

14 September 2018 , 14:07Neftegaz.RU601

Astana, September 14 - Neftegaz.RU. «The country's crude production is forecast to grow from 88 million in 2019 up to 99 million in 2023,» National Economy Minister of Kazakhstan Timur Suleimenov told the Majilis representing the forecast of Kazakhstan's socio-economic development for 3 years to come, Kazinform reported.


According to the Minister, processing industry and construction industry, transport and logistics sector and service economy will become the key growth engines.


He also stressed that the Kazakhstan's processing industry is forecast to increase by 4.4%, mining industry by 3%. Agriculture will keep on developing at a steady pace up to 6.4%, construction industry up to 4.2%.


The volume of crude production will increase from 88 million in 2019 to 99 million in 2023. He also added that the country's export will reach $55.6 billion in 2019 and hit $68.5 billion in 2023, the volume of import will grow from $34.8 billion in 2019 to stand at $41.9 billion in 2023.


Every year significant investments are made in the energy sector of the country, of which the oil and gas industry accounts for a large part. In connection with this, such large oil and gas projects as Kashagan, Karachaganak and Tengiz are successfully implemented. Investments in their development exceed $120 billion.



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