Commercial production at Kashagan will be resumed at the end of 2016

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Experts discussed prospects of development of oil industry at KAZENERGY 2015

During the interactive discussion the world energy leaders attempted to answer the main question: what will happen to the oil price?

The moderator of the meeting was the head of the Presidium of the National Chamber of Entrepreneurs of Kazakhstan "Atameken" Timur Kulibayev. First he gave the floor to the President of the World Petroleum Council Joseph Toth. The expert noted that the weakening of oil prices will last until 2016. "The International Energy Agency expects that global companies around the world will reduce their spending on oil and gas production in 2015 by more than 100 billion US dollars. We see that the oil companies are prepared to further streamlining, as they are now reviewing their budget plans. Due to the low oil prices, companies face a certain shortage of cash for their own increase of share capital", - he said.

He added that the exchanges of crude oil are now at the peak of the 80s. "Expectations about oil prices joyless. The entire industry needs to focus on its achievements in order to make business more economically sustainable", - he concluded.

The Minister of Energy Vladimir Shkolnik also made a speech. He spoke about the plans of Kazakhstan on development of the industry. "The further development of the oil sector, we see activation in the geological study, integration into the international community, through the Extractive Industries Transparency Initiative, and, of course, in general, to increase the investment attractiveness of the industry", - said the minister.

He also informed the guests about Kazakhstani projects in the oil industry. "Project Eurasia - a comprehensive study of the Caspian basin. Developing a package of investment incentives that will allow us to attract leading international companies to maintain plateau production of 100 million tonnes per year in the long term. In the medium-term drivers of economic growth remain our major projects - it's Tengiz project. Commissioning of new facilities will take place in 2021, it will allow us to increase production to 38 million tons and to create up to 20 thousand jobs. It is also expected to resume commercial production at Kashagan at the end of 2016. Karachaganak will implement the concept of further development of the field. We expect to complete the design work on the expansion of Karachaganak in 2017, commissioning - in 2022 ", - said Shkolnik.

Chairman of the Board of JSC "KazMunaiGas" Sauat Mynbayev, in turn, expressed his opinion about the situation in the oil industry. "Everyone noticed that we are now at a certain point of imbalance between supply and demand. Clearly, the proposal increased significantly. The oil industry is an inert branch, fast movements such as reduction of investment and its increase again tomorrow is hardly possible. The period of high prices stimulated the inflow of significant investments in this sphere ", - he said.

"Is it possible in a short time to level the balance so that the price increases? Again, the industry is inert, capital-intensive. It is not so easy to stop all those investment programs that have been planned. However, it happens everywhere, including in "KMG". Only in 2015, we have reduced the amount of investment to130 bn - for us it is a considerable sum. However, we haven’t reduced the level of production yet", - said Mynbayev.