ALMATY, Kazakhstan, Jan. 9 (UPI) -- Kazakhstan is dramatically increasing both its oil reserve estimates and its production capabilities.
The country's rising exports have many analysts predicting that within the next decade the country will be a significant counter-balance to OPEC production.
In 2005 Kazakhstan's oil fields produced 1.3 million barrels per day. By 2010 the government hopes to increase output to 2.4 million barrels per day, rising to 3.6 million barrels per day by 2015. Kazinform news agency quoted deputy director of the department for petroleum industry of Kazakhstan Power and Mineral Resources Ministry Amantay Suyesinov that in 2005 Kazakhstan produced 61.4 million tons of oil.
Suyesinov noted that Kazakhstan's current recoverable reserves are estimated at about 30 billion barrels, or 4 billion tons of oil. Suyesinov added that the probable oil reserves of fields situated in the Kazakh Caspian Sea sector are now estimated at more than 124.3 billion barrels, or 17 billion tons.
Given the strategic importance for Kazakhstan of its oil industry the government has implemented a state program for the orderly development of the country's hydrocarbon industry. According to Suyesinov the first stage of the state program has already finished, with the country now pursuing the second state of advanced development of hydrocarbon fields. Suyesinov added that Kazakhstan currently has registered 224 contracts for the development of its oil and natural gas industry.
