OPEC forecasts reduction in Kazakhstan’s oil production
Kazakhstan's oil production will decrease by 20,000 barrels per day (bpd) to 1.58 million bpd in 2012, OPEC's November oil market report says.
"The fall is expected on limited new developments, declines in mature producing areas and the impact of maintenance," the report said.
According to OPEC's estimates, during the third quarter, Kazakhstan's supply averaged 1.52 million bpd, a decline of 20,000 bpd, compared with the same quarter in 2011. During the first three quarters of 2012, the country's production decreased by 30,000 bpd on average, compared with the same period of 2011.
OPEC expects Kazakhstan's oil production to increase to 1.62 million bpd in the fourth quarter of this year.
In 2013 OPEC predicts Kazakhstan's oil output to increase by 70,000 bpd to 1.65 million bpd.
According to OPEC forecasts, Kazakhstan's oil production will amount to 1.61 million bpd in the first and second quarters of 2013, 1.65 million bpd in the third quarter and 1.73 million bpd in the fourth quarter.
According to BP, Kazakhstan's proven oil reserves were 39.8 billion barrels in early 2011.
The country's oil production, according to BP, amounted to 1.757 million barrels per day in 2010, which is 4.4 percent more than the volume in 2009.
In Kazakhstan there are fields such as Tengiz and Karachanag.
The Tengiz field in western Kazakhstan was opened in 1979. It is one of the deepest and largest oil fields in the world. In April 1993, Tengizchevroil was created after the Kazakh government and Chevron signed the agreement. At present, its partners are: Chevron -- 50 percent, KMG -- 20 percent, ExxonMobil -- 25 percent and LukArko -- 5 percent.
The Karachanag field in northwestern Kazakhstan was opened in 1979. It is one of the largest gas condensate deposits in the world. Its estimated initial reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.