Kazakhstan Today reported that Kazakhstan has potential to become a global leader in oil production in the next few decades.

Mr Ulrich Bentersbuch director of global energy policy for the International Energy Agency said that oil exports from Kazakhstan should more than double by 2035. Kazakhstan is set to become the fourth-largest contributor to global oil production growth.

The Kashagan oil field in the country is one of the largest in the world with as much as 16 billion barrels of estimated commercial reserves. Its Karachaganak field holds about 2.4 billion barrels of oil and an estimated 15 trillion cubic feet of natural gas.

Apart from oil and natural gas, the IEA director praised Kazakhstan for its green energy initiatives. The government there set a goal of generating 4% of its electricity through wind power by 2020 and to cut energy consumption by 10% of their 2008 levels by 2015.

A subsidiary of Italian energy company Eni was accused in May of corruption in Kazakhstan. The company was suspected of offering bribes to high ranking officials.

Source - Kazakhstan Today

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