Approximate volume of oil reserves in Kazakhstan announced

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Oil reserves in Kazakhstan are estimated at approximately 4.4 billion tons, said Erlan Akbarov, Chairman of the Committee of Geology of the Ministry of Industry and Infrastructure Development of Kazakhstan.

"At present, the country has oil reserves amounting to 4.4 billion tons. Out of this total, around 2.9 billion tons belong to the C1 category, which are ready for processing and are already being utilized by current oil producers.

Additionally, there are deposits where exploration is underway, and their volume has not yet been determined. The estimated reserves of domestic oil amount to approximately 78 billion tons," noted Akbarov.

According to the Chairman of the Committee of Geology of the Ministry of Industry and Infrastructure Development of Kazakhstan, the "Eurasia" project for the extraction of domestic oil began in 2022.

"This project involves the study of the lower layer of deposits in the Caspian Sea basin. State funds have been allocated for this work, and extensive research is currently being conducted.

Sedimentary rocks on the bottom of the Caspian Sea reach a thickness of up to 25 km, and scientific forecasts indicate that reserves there could reach about 1 trillion tons," the official reported.

Kazakhstan has 172 oil and gas fields, with more than 80 of them currently under development. The majority of this mineral resource's reserves are concentrated in western Kazakhstan in the area adjacent to the Caspian Sea, with the Atyrau region being the largest oil supplier in the country. It is home to large deposits.

Overall, according to KazMunayGas NC JSC, the country holds 3% of the world's total oil reserves. In 2022, Kazakhstan ranked 18th in daily oil production, second only to Russia among CIS countries. Most of the deposits are developed by foreign companies: the United States, Russia, China, the United Kingdom, France, and the Netherlands.

Some time ago, the Government of Kazakhstan announced plans to put 83 reserve deposits in Kazakhstan up for auction.

April 6, 2024