EIA expects Kazakhstan's oil production to decrease by 50,000 bpd in 2012

Oil&Gas Materials 11 October 2012 17:25 (UTC +04:00)

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

Kazakhstan oil production will decrease by 50,000 barrels per day (bpd) to 1.59 million bpd in 2012, the U.S. Energy Information Administration (EIA) predicts. Last month EIA predicted the country's oil production for this year at 1.57 million bpd.

EIA expects in the third quarter of 2012 the country's oil production to amount to 1.54 million bpd, in the fourth quarter - to 1.6 million bpd compared to 1.63 million bpd in the first quarter and 1.59 million bpd in the second quarter of the year.

In 2013 EIA expects Kazakhstan's oil production at 1.73 million bpd.

According to the EIA's report on the short-term energy outlook, the highest level of Kazakhstan's oil production in 2013 will be observed in the fourth quarter - 1.76 million bpd. In the first quarter of next year the production will amount to 1.69 million bpd, in the second - 1.71 million bpd, in the third quarter - 1.76 million bpd.

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.