Baku, Azerbaijan, October 10
By Nargiz Sadikhova – Trend:
Kazakhstan’s liquids output in August was down by 0.11 million barrels a day month-on-month to average 1.78 million barrels a day, mainly due to outages during maintenance in parts of the Tengiz field from August 1 to September 12, Trend reports citing the October Oil Market Report of the cartel.
As noted in the report, crude oil output fell by 112,000 barrels a day to average 1.51 million barrels a day in August.
“The ongoing maintenance at the Tengiz field and beginning maintenance at the Karachaganak field from September 15 to October 13, has caused a reduction in oil output not only for September but also in October,” the report said.
However, the outages during the maintenance in Tengiz did not impact production as much as seen earlier at Kashagan, where production had been completely shut in, the report said.
“Hence, the oil supply forecast for 2019 was revised up by 30 tb/d, now showing a lower contraction of 0.03 million barrels a day year-on-year to average 1.79 million barrels a day,” cartel noted.
Furthermore, average crude oil output from the Kashagan field produced by the North Caspian Operating Consortium (NCOC) fell by 17,000 barrels a day month-on-month to average 0.34 million barrels a day in August, higher by 0.1 million barrels a day year-on-year. NCOC plans to boost production in the Kashagan through gas injection in order to ramp up production to as high as 470,000 barrels a day.
“Oil supply in Kazakhstan in 2019 is expected to decline by 0.03 million barrels a day to average 1.79 million barrels a day, revised up by 30,000 barrels a day. In 2020, it is forecast to grow by 0.03 million barrels a day year-on-year to average 1.81 million barrels a day, mainly as a result of the Kashagan ramp-up,” the report said.
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