Kazakhstan is set to boost its oil production significantly in the coming years, with plans to produce 97.2 million tons of oil by 2025. According to analysts, this number is expected to rise to 104.8 million tons by 2029, representing a 7.8 percent increase from 2025 levels. This growth is attributed to the adoption of new technologies, allowing for the extraction of an additional 70 million tons of oil from difficult-to-recover reserves.
In the first seven months of 2024, Kazakhstan produced 44.9 million tons of crude oil, slightly lower than the same period in 2023. However, the country saw a 6.9 percent increase in oil production in 2023 compared to 2022, with exports also rising by 9.6 percent.
The Chairman of the Board of KazMunayGas expects a continued rise in oil production, emphasizing the importance of utilizing new technologies. With plans to increase oil production to 90.3 million tons in 2024, Kazakhstan looks poised to solidify its position as a key player in the global oil market.