Easy-to-extract oil to be depleted in Kazakhstan

Easy-to-extract oil to be depleted in Kazakhstan

Kazakh Minister for Oil and Gas Uzakbay Karabalin said that the period of easy-to-extract oil was coming to an end in Kazakhstan, Trend reports.

He added that rising oil prices had impact on petroleum industry too. He said that the prices had increased over 3-fold in ten years and two-fold since 2008.

Karabalin said that Kazakhstan was among the top 10 oil-rich states and will be extracting oil in the next 50 years. Kazakhstan had enough oil to keep three refineries running and the home market of petroleum happy.

The minister noted that the petroleum had such disadvantages as high prime cost and the peculiarity of Kazakh oil, high transportation fees, need for renewable of raw materials and high export attractiveness.

The Kazakh government passed the project of the concept for efficient management of natural resources today.