Sunday, 12th July 2015
Kazakhstan, an oil producer since 1911, has the second largest oil reserves as well as the second largest oil production after Russia in the post-Soviet space. Soviet Kazakhstan’s oil production did not increase to a meaningful level until the 1960s and 1970s, when production plateaued at nearly 500,000 barrels per day (bpd), a pre-Soviet independence record production level. In the 1970s, several large discoveries were made in pre-salt reservoirs including Karachaganak and Tengiz. However, the development of these fields was not possible at the time because of the technical challenges of developing the deep, high-pressure reservoirs.