Kazakhstan aims for 100 million tonnes of oil production annually, president says

Kazakhstan is on track to reach an annual oil production level of 100 million tonnes, President Kassym-Jomart Tokayev has announced.

Speaking at a ceremony honouring workers in the country’s oil and gas sector, Tokayev highlighted the rapid growth of Kazakhstan’s energy industry, Caliber.Az reports, citing Kazakh media.

“Since gaining independence, we have fully appreciated the value of black gold. Today, this sector is developing at a dynamic pace. Kazakhstan holds a leading position in the global oil market, with production having quadrupled, and it will soon reach 100 million tonnes per year,” the president said, according to his press service.

Since gaining independence in 1991, Kazakhstan's oil production has surged, driven by major fields like Tengiz, Kashagan, and Karachaganak, which now account for 65-70% of output.

Production rose from 25.9 million tonnes in 1991 to 87.6 million tonnes in 2024, a nearly fourfold increase, despite a 2% decline in 2024 due to maintenance at key fields.

The country aims to reach 100 million tonnes annually by 2026, bolstered by projects like Tengizchevroil’s Future Growth Project, adding 12 million tonnes yearly.

Kazakhstan, ranking 12th globally in oil reserves with 30 billion barrels, exports 76% of its oil, primarily via the Caspian Pipeline Consortium. 

Investments of $21 billion by 2030 and OPEC+ quota challenges highlight its global market role.

By Aghakazim Guliyev