OPEC expects oil production growth in Kazakhstan
Azerbaijan, Baku, Feb. 16 / Trend A.Badalova /
Kazakhstan's oil production in 2011 will increase by 60,000 barrels per day - up to 1.66 million barrels per day, OPEC's February report on oil market reads. The growth rate of the country' oil production is higher by 10,000 barrels per day than the level forecasted by the cartel last month.
The increased forecast reflects the data on the country's oil production for the fourth quarter of 2010, which, however, generally did not affect the planned targets of production in 2011, OPEC reported.
The highest level of oil production in the country in 2011 will occur in the fourth quarter - 1.68 million barrels per day. In the first quarter, Kazakhstan's oil production will be 1.67 million bpd, the second quarter - 1.64 million bpd and the third - 1.63 million barrels per day.
In 2010, Kazakhstan's oil production amounted to 1.6 million barrels per day, OPEC reported.
According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2010, the proven gas reserves - 1.82 trillion cubic meters. Oil production in the country in 2009 was 1.682 million barrels per day, which is 8.5 percent more than the volume in 2008.
Major fields such as Tengiz and Karachanag are located in Kazakhstan. They are one of the largest fields in the world.
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 agreemeent. At present, its partners are: Chevron - 50 percent, KMG - 20 percent, ExxonMobil - 25 percent and LukArko - 5 percent.
"Karachanag" field in north-western Kazakhstan was opened in 1979. It is one of the largest gas condensate deposits in the world. Its estimated initial reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.
Kashagan is one of the largest deposits in the world, opened for the last 30 years with geological oil reserves of 4.8 billion tons. Partner-companies on Kashagan project are Eni, KMG Kashagan BV (subsidiary KMG), Total, ExxonMobil, Royal Dutch Shell each have 16.81 percent stake, ConocoPhillips - 8,4 percent, Inpex - 7,56 percent. The joint operating company NCOC is a participant of the project.