In a statement the President of state-owned KazMunaiGaz, Uzakbay Karabalin, said, “[Kazakhstan] expects to produce between 1.2 billion and 1.3 billion barrels of oil annually by 2015. Most of the increase would come from the TengizChevroil, Karachaganak and North Caspian projects.”

According to the firm, “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.”