Azernews.Az

By Aynur Jafarova

Oil production of Kazakhstan increased by 60,000 barrels per day (bpd) in the first quarter of 2013 compared with the same period in 2012 and amounted to 1.68 million bpd, OPEC's May oil market report said.

According to OPEC's forecasts, the country will produce 1.61 million bpd in the second quarter, 1.64 million bpd in the third quarter and 1.72 million bpd in the fourth quarter of this year.

Furthermore, OPEC predicts that Kazakhstan's oil production will increase by 70,000 bpd to 1.66 million bpd in 2013, which indicates a downward revision of 10,000 bpd compared to the last month's forecasts.

"The downward revision came on the back of uncertainties on the startup and initial production of the Kashagan field's first phase. Conflicting reports emerged regarding the startup of the field in June or September as well as on the initial production level," the report said.

However, OPEC believes that further adjustment might be coming in the near future as the startup date comes closer.

Kazakhstan's largest hydrocarbon fields are Kashagan, Tengiz and Karachaganak.

The Kashagan field was discovered in the past 40 years. Recoverable oil reserves of Kashagan are estimated at 11 billion barrels, whereas total geological raw material reserves stand at 35 billion barrels. It is believed to be the largest oil field in the world after Prudo Bay in Alaska. Besides, natural gas reserves are estimated at over 1 trillion cubic meters.

The commencement of commercial production at Kashagan is expected by mid-2013. The first phase of the project envisions the volume of production at around 370,000 barrels of oil per day with a possible increase to 450,000 barrels. The second phase envisages increasing production to 375,000 barrels per day within at least three years.

The Tengiz oil field was discovered in 1979 and is one of the deepest and largest oil fields in the world. The reserves of the Tengiz field are estimated at 750 million to 1.1 billion tons (6-9 billion barrels) of recoverable oil.

Karachaganak is one of the world's largest fields. Its oil reserves amount to 1.2 billion tons, while those of natural gas - 1.35 trillion cubic meters. 49 percent of Kazakhstan's gas production and 18 percent of oil production comes from this field.