Baku, Azerbaijan, July 13
By Elena Kosolapova – Trend:
Oil output in Kazakhstan is expected to decrease in 2017, according to OPEC Monthly Oil Market Report July 2016.
“In the Caspian, the Kashagan offshore field in Kazakhstan is expected to finally start its oil production by the optimistic date of mid-2017,” said the report. “Even with the Kashagan start-up in 2017, however, a decline of 30,000 barrels per day is expected for next year.”
Kazakhstan’s oil supply is expected to decrease by 40,000 tons per day over the previous year to average 1.56 million barrels per day in 2016, unchanged from the previous monthly oil market report.
OPEC said the oil production in Kazakhstan dropped by 30,000 barrels per day in 2015 and averaged 1.6 million barrels per day.
The country’s proven oil reserves stood at 30 billion barrels as of early 2016, according to BP. Kazakhstan’s largest oil fields are Tengiz, Karachaganak and Kashagan.
Kazakhstan plans to reduce oil production to 74 million tons in 2016.
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