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OPEC ups forecast on Kazakhstan's oil production by 15,000 barrels per day in 2011

Oil&Gas Materials 16 May 2011 11:55
Kazakhstan's oil production in 2011 will increase by 70,000 barrels per day - up to 1.67 million barrels per day, OPEC's May report on oil market says. The growth rate of the country' oil production is 15,000 barrels per day more than the level forecasted by the cartel last month
OPEC ups forecast on Kazakhstan's oil production by 15,000 barrels per day in 2011

Azerbaijan, Baku, May 12 / Trend A.Badalova /

Kazakhstan's oil production in 2011 will increase by 70,000 barrels per day - up to 1.67 million barrels per day, OPEC's May report on oil market says. The growth rate of the country' oil production is 15,000 barrels per day more than the level forecasted by the cartel last month.

According to the OPEC estimations, Kazakhstan's oil production was slightly less in the first quarter of this year than expected - at 1.66 million bpd. It is connected with bad weather conditions, which have influenced on some projects. According to OPEC, during the first quarter of 2011, oil production in the country has increased by 60,000 barrels per day compared to the same period of last year.

OPEC expects oil production in Kazakhstan to hit 1.65 million bpd in the second and third quarters and 1.71 million barrels per day in the fourth quarter.

According to BP, Kazakhstan's proven oil reserves 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.

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