OPEC forecasts increase in Kazakh oil production by 3 percent in 2011
Azerbaijan, Baku, July 16 / Trend A. Badalova /
OPEC forecasts an increase in oil production in Kazakhstan by 60,000 barrels - up to 1,66 million barrels per day in 2011. The OPEC monthly report on oil market said that the expected growth will mainly be supported by increasing oil production at oil field Tengiz, which was opened in 1979. Recoverable oil reserves at Tengiz is estimated at 6.9 billion barrels.
According to the OPEC forecasts, oil production in Kazakhstan is 1.64 million bpd in the first quarter of 2011, 1.65 million - in the second, 1.68 million - in the third, 1.69 million barrels per day - in the fourth.
Oil production in Kazakhstan in 2010 is projected at the level of 1,6 million barrels per day, which is 0.06 million barrels per day more than in 2009.
Oil production in the country, according to forecasts of OPEC, will amount to 1.59 million bpd in the third quarter of 2010, 1.65 million barrels per day - in the fourth compared to 1.61 and 1.55 million bpd in the first and second quarters, respectively.
According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2010. Oil production in the country in 2009, according to BP, amounted to 1,682 million barrels per day, which is 8.5 percent more than in 2008.