Kazakhstan Oil Output To Triple

Kazakhstan's state oil company said the country may triple its yearly oil production by 2015.

KazMunaiGas? president Uzakbay Karabalin, said his Central Asian country expects to produce between 1.2 billion and 1.3 billion barrels of oil annually by 2015, compared with 396 million barrels produced last year.

Most of the increase would come from the TengizChevroil, Karachaganak and North Caspian projects, he said.

KazMunaiGas said the Tengiz field likely has reserves of 23 billion barrels, and recoverable reserves of between 5.5 billion and 8.2 billion barrels, while Karachaganak field could probably produce more than 200,000 barrels daily.