Kazakhstan's role in the global hierarchy of oil may considerably increase – Oil Ministry

ASTANA. KAZINFORM - Kazakhstan's role in the global hierarchy of oil may considerably increase, this has been stated by Vice Minister of Oil and Gas Magzum Mirzagaliyev during a joint meeting of the Council on economic policy under the fraction of Nur Otan in the Majilis.
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According to the Vice Minister, ‘Kazakhstan is on the 12th place in terms of proven oil reserves and on the 20th in gas reserves. "Eurasia" international project aimed at regional studies in the Caspian basin should allow our country to avoid the decrease in oil production'. "Studies of 15 sedimentary basins of the country show that the role of the republic in the world hierarchy of oil reserves may increase substantially. The greatest prospects have been associated with the Caspian lowland which potential is estimated at 63 billion tons", he said. However, as noted by the Vice Minister, 'the project requires the implementation of the most modern equipment and innovative technologies. "Eurasia" project work program is designed for 5 years and its estimated cost is expected to reach USD 500 million.

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