Kazakhstan’s oil production to increase by 70,000 bpd this year: EIA
Azerbaijan, Baku, Oct. 13 / Trend A. Badalova /
Oil production in Kazakhstan in 2011 will increase by 70,000 barrels per day up to 1.68 million barrels, according to forecasts indicated in a monthly report of the U.S. Energy Information Administration (EIA) on the short-term energy outlook.
Previously EIA predicted increase in Kazakhstan's oil production at 90,000 barrels per day in 2011.
The oil production in Kazakhstan is forecasted at 1.73 million barrels per day in the fourth quarter of 2011 compared to 1.69 million barrels in the third and second quarters.
The forecast on oil production in the country in 2012 has remained unchanged - 1.81 million barrels per day.
According to EIA's forecasts, oil production in Kazakhstan will hit 1.79 million barrels per day in the first quarter, 1.8 million barrels in the second quarter, 1.82 million in the third quarter and 1.83 million barrels per day in the fourth quarter.
According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2011. According to BP, oil production in the country in 2010 amounted to 1.757 million barrels per day, or 4.4 percent more than the volume in 2008.
Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.
Karachaganak field, opened in 1997 in north-western Kazakhstan, has estimated initial reserves of hydrocarbons in the volume of 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.
Tengiz field, opened in 1979 in western Kazakhstan, has estimated reserves of about 26 billion barrels.