Kazakhstan reaches its target indicators for crude oil extraction

24 February 2020 14:10 (UTC+04:00)

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Kazakhstan has reached its target indicators for crude oil extraction and refining for 2019, Kazakhstan’s Ministry of Energy told Trend.

According to the ministry, volume of crude oil extraction in the country amounted to 89 million tons in 2019, whereas oil refining in the country amounted to 17 million tons.

Also in 2019, the planned overhaul was successfully implemented at country’s three major oil fields: Tengiz, Kashagan (from April 14 through May 19) and Karachaganak (from September 16 through October 13).

The ministry also noted that this year legislative base for export of high-octane petrol of Kazakh manufacturing was developed. Export of petrol was launched in June 2019.

This year, Kazakhstan’s Ministry of Energy is planning to sustain oil extraction and refining volume at the level of 2019.

At the end of 2018, OPEC and a number of non-affiliated countries (Kazakhstan being one of them) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.

Kazakhstan has supported the decision to reduce oil extraction by additional 500,000 barrels a day within the framework of OPEC+ agreement under the decision made during the 7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, on Dec. 6, 2019.

Thus, current liabilities of Kazakhstan within the agreement are 1.843 million barrels a day compared to 1.86 million barrels a day previously.