Azernews.Az

By Aynur Jafarova

The U.S. Energy Information Administration (EIA) predicts Kazakhstan's oil production to increase by 10,000 barrels per day (bpd) to 1.62 million bpd in 2013.

According to EIA's report, the country's oil production will amount to 1.59 million bpd in the third quarter of 2013, and 1.6 million bpd in the fourth quarter compared to 1.67 million bpd in the first quarter and 1.61 million bpd in the second quarter of the year.

EIA forecasts Kazakhstan's oil production to increase by 30,000 bpd to 1.65 million bpd in 2014.

The highest level of the country's oil production next year will be observed in the fourth quarter - 1.69 million bpd. According to the EIA's forecasts, next year Kazakhstan will produce 1.63 million bpd in the first quarter, 1.64 million bpd in the second quarter, 1.66 million bpd in the third quarter.

In its Monthly Oil-Market Report for September published on Sept.10 the Organization of the Petroleum Exporting Countries (OPEC) said that Kazakhstan's oil production will increase by 50,000 barrels per day (bpd) to 1.69 million bpd in 2014.

OPEC said that in 2014 the highest oil production in the country will be observed in the fourth quarter and stand at 1.78 million bpd. The production will amount to 1.64 million bpd In the first and second quarters of 2014, and to 1.7 million bpd in the third quarter.

The Kazakh Statistics Agency said earlier that production of crude oil increased in Kazakhstan in January-August 2013 compared to the same period of 2012.

Over this period, oil production, including gas condensate, amounted to 54 million tons, or 3.1 percent higher than over the same period of last year.

According to BP, Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2013.

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

Recoverable oil reserves of Kashagan field 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 Tengiz oil field was discovered in 1979 and is one of the deepest and largest oil fields in the world. Reserves of the deposit 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 are 1.35 trillion cubic meters. 49 percent of Kazakhstan's gas production and 18 percent of oil production comes from this field.