How long will Kazakhstan's oil reserves last?
The chairman of KazMunayGas estimated the reserves at 785 million tons and revealed how many years this would last.
How many years will Kazakhstan's oil reserves last?
Askhat Khassenov, Chairman of Kazakhstan's national company KazMunayGas, revealed how long the oil reserves will last, Tengrinews reports.
According to Khassenov, proven reserves stand at 785 million tons.
“To simplify calculations, let us round the reserves up to 800 million tons. If 26 million tons are extracted per year, this will cover more than 45 years,” Khassenov said.
He noted that the company conducts technical and economic evaluations of reserves for each field in which it holds a stake. These reserves are also confirmed by the state commission. According to Khassenov, KazMunayGas continues geological exploration and replenishes its resource base.
“We drill, identify oil flows, and immediately register them into reserves. This process is ongoing,” he said.
It is emphasized that this refers specifically to the reserves of KazMunayGas, not all of the country's reserves. In February, Acting Chairman of the Geology Committee Qanat Yerubayev reported that the state balance sheet of mineral resources contains over 4 billion tons of oil reserves. According to his estimates, if current production rates are maintained, these reserves will last for approximately 50 years.