Azernews.Az

By Aynur Jafarova

The Organization of the Petroleum Exporting Countries (OPEC) predicts Kazakhstan's oil production to increase by 50,000 barrels per day (bpd) and hit 1.69 million bpd in 2014.

In its Monthly Oil-Market Report for September published on Sept.10, 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. In the first and second quarters of 2014 the production will amount to 1.64 million bpd, in the third quarter - to 1.7 million bpd.

Furthermore, OPEC predicts that Kazakhstan's oil production will amount to 1.64 million bpd in 2013, which is 50,000 bpd more than in 2012.

The startup of production tests at Kazakhstan's giant Kashagan field located in the Kazakh section of the Caspian Sea is seen supporting the expected growth in 2013.

While maintenance at the Karachaganak field is seen to limit condensate output, Kazakh oil supply is expected to increase in the fourth quarter on the ramp-up of new volumes.

During the first seven months, Kazakhstan's oil production averaged 1.64 million bpd, an increase of 40,000 bpd compared to the same period a year earlier.

OPEC predicts the country's oil production at 1.63 million bpd in the third quarter and 1.66 million bpd in the fourth quarter of 2013 compared to 1.68 million bpd in the first and 1.6 million bpd in the second quarter of the year.

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

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.