Kazakhstani oil companies minimize expenses amid falling oil prices

None
None
ASTANA. KAZINFORM - All Kazakhstani oil companies have minimized their expenses amid falling oil prices.

First Vice Minister of Energy of Kazakhstan Uzakbai Karabalin said at the Wednesday press conference that drop in oil prices had forced Kazakhstani oil producers to minimize their expenses. "Falling oil prices negatively affect production efficiency [in Kazakhstan]. In order to preserve oilfields' efficiency and jobs, all oil companies have done tremendous work to minimize expenses. Some projects in oil & gas sector have been put on hold till things get better," he said. According to him, the Ministry of Energy minutely analyzed crude oil production forecast taking into account recent slump in oil prices.

Currently reading