OPEC expects oil production growth to hit 50,000 bpd in Kazakhstan
Azerbaijan, Baku, July 22 / Trend A. Badalova /
Oil production in Kazakhstan will increase by 50,000 barrels per day in 2012 to 1.71 million barrels. These forecasts are contained in a monthly OPEC oil report.
According to the report, the expected growth will be supported by the development of the Tengiz and Karachaganak fields in the country.
In 2012, the highest level of oil production in the country will be observed in the fourth quarter at 1.73 million barrels per day. In the first quarter, Kazakhstan's oil production will be 1.72 million barrels per day, 1.68 million barrels in the second quarter, and 1.7 million barrels per day in the third quarter, OPEC expects.
Oil production in Kazakhstan will increase by 60,000 barrels per day in 2011 to 1.66 million barrels. OPEC reported earlier the figure to hit 70,000 barrels per day.
In the third quarter of 2011, oil production in Kazakhstan is forecasted at 1.65 million bpd and in the fourth - 1.71 million bpd.
According to BP, Kazakhstan's proven oil reserves were 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 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 agreemeent. 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 reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.