OPEC expects Kazakhstan’s oil production growth at 20,000 bpd in 2012
Azerbaijan, Baku, June 12 / Trend A. Badalova /
Kazakhstan's oil production will increase by 20,000 barrels per day (bpd) to 1.62 million bpd in 2012, OPEC's June oil market report says.
"This growth is expected on the back of less maintenance and unplanned shutdowns in 2012, compared with the previous year. However, the start-up of the Kashagan field, if realized this year, will support output in 2012," OPEC's report says.
According to the OPEC's forecasts, the country's highest level of production this year will be observed in the fourth quarter of 2012 at 1.65 mln bpd. In the second quarter Kazakhstan's oil production is predicted at 1.6 mln bpd, in the third quarter - at 1.61 mln bpd.
According to BP, Kazakhstan's proven oil reserves were 39.8 billion barrels in early 2011.
The country's oil production, according to BP, amounted to 1.757 million barrels per day in 2010, which is 4.4 percent more than the volume in 2009.
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.