U.S. forecasts increased Kazakh oil production in 2013

Oil&Gas Materials 11 January 2012 11:40 (UTC +04:00)

Azerbaijan, Baku, Jan. 11 / Trend A.Badalova/

Kazakhstan's oil production will increase by 140,000 bpd to 1.94 mln bpd in 2013, according to forecasts indicated in a monthly report of the U.S. Energy Information Administration (EIA) on the short-term energy outlook.

The EIA expects the highest level of the country's oil production in 2013 in the fourth quarter - at 2.02 mln bpd. In the first and second quarters Kazakhstan's oil production will hit 1.88 mln bpd, in the third quarter - 1.96 mln bpd.

According to the EIA forecasts, Kazakhstan's oil production will increase by 110 bpd to 1.8 mln bpd in 2012 compared to 1.69 mln bpd in 2011.

The highest level of the county's production in 2012 will be observed in the fourth quarter - at 1.81 mln bpd. In the first quarter, oil production will amount to 1.79 mln bpd, in the second and third quarters - 1.8 mln bpd.

According to the EIA estimates, Kazakhstan's oil production amounted to 1.75 mln bpd in the fourth quarter of 2011 compared to 1.67 mln bpd in the third 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.