U.S. reduces oil production forecast in Kazakhstan by 10,000 barrels per day

Oil&Gas Materials 11 May 2011 18:39 (UTC +04:00)

Azerbaijan, Baku, May 11 / Trend, A. Badalova /

Oil production in Kazakhstan in 2011 will increase by 0.1 million barrels per day to 1.81 million barrels. These forecasts are contained in a monthly report of the U.S. Energy Information Administration (EIA) on the short-term energy outlook.

The current figure is 10,000 barrels per day less than the production level forecasted by EIA in last month.

In 2011, the EIA predicted oil production in Kazakhstan at 1.71 million barrels per day, or 0.1 million barrels per day more compared to 2010.

According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2010. According to BP, oil production in the country in 2009 amounted to 1.682 million barrels per day, which is 8.5 percent more than the volume in 2008.

Kazakhstan is home to the Tengiz and Karachanag fields, which are among the major world fields.

Tengiz field in western Kazakhstan 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 an agreement. 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.