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. Last Updated: 07/27/2016

Kazakh Hope for Boost




LONDON -- Kazakhstan's oil and gas reserves could increase by five times if drilling later this year in the Caspian Sea confirms initial estimates, an official from state oil and gas company Kazakhoil said Wednesday.


Investment director Zhakyp Marabayev said at a conference that if the forecasts are correct, then total Kazakh reserves will rise to 117 billion barrels of oil and 8.5 trillion cubic meters of gas.


The bulk of the reserves are under the mineral-rich Caspian Sea where experts have estimated Kazakhstan's share to be 95 billion barrels of oil and 5.3 trillion cubic meters of gas.