Azerbaijan, Baku, Dec. 15 / Trend A.Badalova
OPEC forecasts an increase in Kazakh oil production at 0.08 million bpd to 1.68 million bpd in 2011.
According to OPEC's monthly report on the oil market, the highest level of oil production in the country next year will occur in the fourth quarter at 1.71 million bpd. In the first quarter of 2011, Kazakh oil production will hit 1.69 million bpd. The figure will reach 1.66 million bpd in the second quarter and 1.65 million bpd in the third quarter.
In 2010, OPEC forecasts an increase in oil production in Kazakhstan at 0.06 million bpd to 1.6 million bpd.
In the fourth quarter of this year, Kazakh oil production will increase by 0.09 million bpd to 1.66 million bpd. The growth is linked with the resumption of production after repairs at the Tengiz and Karachaganak fields.
According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2010, with proven gas reserves of 1.82 trillion cubic meters. Oil production in the country in 2009, according to BP, amounted to 1.682 million bpd, which is 8.5 percent more than the volume in 2008.
The Tengiz Field in western Kazakhstan was opened in 1979. It is one of the deepest and largest oil fields in the world. In April 1993, Tengizchevroil was created after the Kazakh government and Chevron signed the agreement. At present, its partners are: Chevron - 50 percent, KMG - 20 percent, ExxonMobil - 25 percent and LukArko - 5 percent.
The Karachanag Field in northwestern Kazakhstan was opened in 1979. It is one of the largest gas condensate deposits in the world. Its estimated initial hydrocarbon reserves are 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.