OPEC predicts Kazakhstan's oil production growth at 70,000 bpd in 2013

Oil&Gas Materials 11 September 2012 17:57 (UTC +04:00)

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

Kazakhstan's oil production will increase by 70,000 barrels per day (bpd) to 1.68 million bpd in 2013, OPEC's September oil market report says.

According to OPEC forecasts, Kazakhstan's oil production will amount to 1.64 million bpd in the first and second quarters of 2013, 1.68 million bpd in the third quarter and 1.76 million bpd in the fourth quarter.

In 2012 OPEC predicts Kazakhstan's oil production to increase by 10,000 bpd to 1.61 million bpd.

"The Tengiz oil field's output was curtailed due to maintenance in August and output is expected to increase in September as work has come to an end. However, some production is expected to be shut down at Karachaganak in September as it goes into maintenance," OPEC report said.

OPEC expects Kazakh oil supply to increase in the fourth quarter on lower impact from outages.

According to OPEC estimates, during the first seven months, Kazakhstan oil production averaged 1.60 million bpd, relatively flat compared to the same period in 2011.

On a quarterly basis, Kazakhstan oil supply is predicted to average 1.62 million bpd, 1.57 million bpd, 1.61 million bpd, and 1.65 million bpd, respectively.

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.