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Kazakhstan increases oil output

17 April 2018 13:06 (UTC+04:00)
Kazakhstan increases oil output

By Kamila Aliyeva

The volume of oil production in Kazakhstan increased in the first quarter of 2018 compared to the same period of the last year, Kazinform reported.

This was stated by the first Vice Minister of Energy, Makhambet Dosmukhambetov, at a governmental meeting in Astana on April 17.

“Crude and condensate production made 22.4 million tons in the first quarter of 2018 that is 6.1 percent more than in the same period of 2017,” he noted.

Crude oil production at the three large projects amounted to 13.5 million tons, including 2.9 million tons at the Kashagan oil deposit, 7.4 million tons at Tengiz field and 3.2 million tons at Karachaganak field, according to the official.

The Central Asian country exported 18 million tons of oil for the past three months.

Kazakhstan's refining output made 3.9 million tons that is 9.4 percent more compared to the same period of 2017. Oil products gross output at three refineries made 2.8 million tons showing an increase of 5 percent compared to the same period of the last year.

Earlier, it was announced about the scheduled shutdown of the Shymkent oil refinery, with a view to overhaul since April 10, 2018.

Kazakhstan's proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan. Three oil giants will be able to bring Kazakhstan's oil production to a new level in the coming years even if new oil fields are not discovered.

With the start of oil production at the Kashagan field, the forecasts of several international organizations on oil production in Kazakhstan immediately grew.

Analysts from the International Energy Agency (IEA), OPEC, the Energy Information Administration of the U.S. Department of Energy (EIA) link the increase in oil production namely with the Kashagan field.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz

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