Kazakhstan’s oil reserves announced
ASTANA. KAZINFORM Kazakhstan's oil reserves recorded in State Register exceed 4.8bln tonnes, according to Minister of Energy Kanat Bozumbayev.
“4bln847mlm tonnes is the amount of Kazakhstan’s oil reserves recorded in the State Register. Oil reserves of A, B, C1 categories make 3bln158mln tonnes and C2 category – 1 bln689mln tonnes,” said Bozumbayev after the Government’s sitting on Tuesday.
He reminded that the implementation of the international reporting standards in hydrocarbons complies with the 74th step of the National Plan.
“We consistently perform all the steps imposed on the Ministry of Energy. We have analyzed the international experience in this issue and have chosen a target model of the Petroleum Resources Management System (SPE-PRMS). All the OECD member countries apply this model and we are moving to it stage-by-stage,” concluded he.
“Kazakhstan attaches great importance to the extraction of not only commercially viable reserves, but also those which must be fully extracted. We are planning to offer some preferences in this area. For example, simplification of taxation, namely to divide tax boundaries between the exploration and development contracts, which will help reduce risks. All these issues are being discussed now,” the Minister added.