US expects Kazakhstan’s oil production growth at 70,000 bpd in late 2011
Azerbaijan, Baku, Nov. 10 /Trend A.Badalova/
Oil production in Kazakhstan will amount 1.74 million bpd in the fourth quarter of 2011 compared to 1.67 million bpd in the third quarter, according to forecasts indicated in a monthly report of the U.S. Energy Information Administration (EIA) on the short-term energy outlook.
The oil production in Kazakhstan is forecasted to grow by 70,000 bpd to 1.68 mln bpd in 2011.
EIA predicts oil production in the country to increase by 130,000 to 1.81 mln bpd in 2012.
According to EIA's forecasts, oil production rate in Kazakhstan will hit 1.8 million barrels per day in the first quarter, 1.81 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, but hit 1.757 million barrels per day in 2010, 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.