Azerbaijan, Baku, Feb. 10 / Trend A. Badalova /
OPEC expects oil production in Kazakhstan to increase by 40,000 barrels per day (bpd) to 1.64 million bpd in 2012, which is by 10,000 bpd less than the production level predicted by cartel last month.
According to the OPEC's January oil market report, the revision came on the back of a historical adjustment that was carried over to the 2012 forecast.
"The expected increase is supported by the ramp-up of developments, such as the Tengiz and Chinarevskoye," OPC says.
In 2012, the highest level of oil production in the country will be observed in the fourth quarter at 1.66 million barrels per day. In the first quarter oil production will be 1.65 million bpd, in the second - 1.62 million bpd, in t the third - 1.63 million bpd, according to OPEC's forecasts.
According to OPEC's estimates Kazakhstan's oil production amounted to 1.61 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.