Baku, Azerbaijan, Sep. 14
By Elena Kosolapova - Trend:
Kazakhstan's oil production is projected to decrease by 10,000 barrels per day in 2015 to average 1.62 million barrels per day, OPEC says in its September oil market report.
The forecast remains unchanged from the previous monthly oil market report.
"On a quarterly basis, Kazakhstan's oil production is estimated to stand at 1.66 million barrels per day, 1.6 million barrels per day, 1.59 million barrels per day and 1.62 million barrels per day, respectively," the report said.
Kazakhstan's output rose by 40,000 barrels per day to 1.6 million barrels per day in July compared to June following the completion of maintenance at Tengiz field.
However, output was lower year-over-year by 40,000 barrels per day (2.4 percent). This could be the maximum Annual Decline Rate in Kazakhstan, although it was 1.2 percent in 2014 compared to a year ago.
In 2016 oil production in Kazakhstan is forecasted at 1.6 million barrels per day.
Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.
Karachaganak field is one of the world's largest fields. Its oil reserves amount to 1.2 billion tons, natural gas - 1.35 trillion cubic meters. About 49 percent of Kazakhstan's gas production and 18 percent of oil production are extracted on this field.
The Tengiz field in the west of Kazakhstan is one of the deepest and largest oil fields in the world. Total estimated reserves amount to three billion tons (26 billion barrels).
Another large Kazakh oil and gas field is Kashagan located in the north of the Caspian Sea. Oil production at Kashagan started in September 2013, but its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant. The government expects to resume oil production at Kashagan in late 2016.
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