OPEC predicts decrease in Kazakhstan's oil production
By Aynur Karimova
OPEC predicts a decrease in energy-rich Kazakhstan’s oil supply. In its August oil market report the organization said that the decrease will amount to 10,000 barrels per day and the country's average oil supply will stand at 1.62 million bpd in 2015.
The forecast remains unchanged from the previous monthly oil market report released in May.
“On a quarterly basis in 2015, output will average 1.66 million bpd, 1.60 million bpd, 1.59 million bpd and 1.62 million bpd, respectively,” the report said.
Kazakhstan’s oil production declined by 80,000 bpd in June and stood at 1.56 million bpd compared to May, although it stayed higher by 40,000 bpd compared to June 2014 "due to the intensified works at Tengiz field in May and June of 2014."
The average oil production in Kazakhstan in the first half of 2015 was 1.63 million bpd, indicating a growth of 20,000 bpd over the same period in 2014; oil output from Tengiz could offset the other fields’ declines.
In 2016 oil production is forecasted at 1.6 million bpd.
Kazakhstan produces oil mainly from its largest Karachaganak and
Tengiz fields.
Karachaganak field is one of the world's largest fields. Its oil
reserves amount to 1.2 billion tons while natural gas reserves are
estimated at 1.35 trillion cubic meters.
About 49 percent of Kazakhstan's gas production and 18 percent
of oil production are extracted from this field.
The Tengiz field in the west of the country is one of the deepest
and largest oil fields in the world. Total estimated reserves
amount to three billion tons (26 billion barrels).
Another large oil and gas field - Kashagan is located in the north
of the Caspian Sea. Oil production at Kashagan started in September
2013, but its operation has been suspended when a gas leak appeared
from the ground pipeline.
--
Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
Follow us on Twitter @AzerNewsAz