Baku, Azerbaijan, March 12
By Aygun Badalova - Trend:
Kazakhstan's oil production will increase by 80,000 barrels per day (bpd) to 1.72 million bpd in 2014 compared to 2013, according to OPEC's March oil market report.
In 2014, on a quarterly basis, Kazakhstan's oil production will average 1.67 million bpd, 1.68 million bpd, 1.73 million bpd and 1.81 million bpd, respectively.
The country's oil production averaged 1.64 million barrels per day in 2013, which is 60,000 barrels per day more than in 2012, according to OPEC estimations.
Kazakhstan produced its highest historical level of oil output at 1.69 million barrels per day in the fourth quarter of 2013, according to OPEC.
Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.
Tengiz field is one of the deepest and largest oil fields in the world. Total estimated reserves of the Tengiz field total 3 billion tons (26 billion barrels).
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.
Kashagan is one of the largest fields discovered in the past 40 years. The total oil reserves of the field amount to 38 billion barrels, while some 10 billion out of them are recoverable reserves. There are large natural gas reserves at the Kashagan field - over one trillion cubic meters.