Minister Karabalin declares new data on Kazakh oil reserves

Ex-Minister of Oil and Gas Sauat Mynbayev in 2012 reported that Kazakhstan's oil reserves will last another 50-60 years. "Geological survey estimated that Kazakhstan oil reserves will increase two - three times. Oil reserves will be enough for another two or three generations", said U. Karabalin at a Government hour in the Majilis. "On average, we will produce 100 million tons of oil annually. This is the amount that will contribute to the necessary revenues and stable development of the economy", said Karabalin. Recall that Kazakhstan ranks 12th in the world in oil reserves and 17th in production.