OPEC downs forecast on Kazakhstan's oil production in 2011
Azerbaijan , Baku, Sept.19 / Trend, A.Badalova /
Oil production in Kazakhstan will increase by 40,000 barrels per day in 2011 to 1.63 million barrels. These forecasts are contained in a monthly OPEC oil report. This indicator is 15,000 barrels less than production forecasted by OPEC last month.
In the fourth quarter of 2011, oil production in Kazakhstan is forecasted at 1.68 million bpd as compared to 1.6 million barrels per day in the third quarter.
During the first seven months of 2011, Kazakhstan oil production averaged 1.61 mb/d., that is relatively flat compared to the same period in 2010.
OPEC expects increase in oil production in Kazakhstan by 40,000 barrels per day in 2012 to 1.68 million barrels.
In 2012, the highest level of oil production in the country will be observed in the fourth quarter at 1.7 million barrels per day. In the first quarter oil production will be 1.69 million bpd, in the second - 1.65 million bpd, in t the third - 1.67 million bpd.
According to BP, Kazakhstan's proven oil reserves were 39.8 billion barrels in early 2011.
Oil production in the country in 2010, according to BP, amounted to 1.757 million barrels per day, which is 4.4 percent more than the volume in 2008.
In Kazakhstan there are fields such as Tengiz and Karachaganag. 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 reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.