OPEC: Kazakhstan’s oil production to up by 40,000 bpd in 2012

Oil&Gas Materials 16 January 2012 17:26 (UTC +04:00)

Azerbaijan, Baku, Jan. 16 /Trend, A.Badalova/

Oil production in Kazakhstan will increase by 40,000 barrels per day (bpd) to 1.65 mln bpd in 2012 compared to 1.61 mln bpd in 2011. These forecasts are contained in OPEC's January oil report.

"Limited new developments are foreseen in 2012 and the increase is expected on the back of the return to normal operation levels in 2012, from the strike and maintenance-impacted output in 2011, OPEC's report says. The giant Kashagan oil field is not seen to support output in 2012 as it is only expected to start up in the third quarter 2013 instead of the fourth quarter 2012."

Uncertainties surrounding the unrest and strike actions in some oil producing areas could impact output in 2012, OPEC believes.

In 2012, the highest level of oil production in the country will be observed in the fourth quarter at 1.68 million barrels per day. In the first quarter oil production will be 1.66 million bpd, in the second - 1.63 million bpd, in t the third - 1.64 million bpd.

According to OPEC's estimates Kazakhstan's oil production amounted to 1.64 mln bpd in the fourth quarter of 2011.

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.