OPEC: Kazakhstan’s oil production to rise in last quarter of 2012

Oil&Gas Materials 12 December 2012 17:40 (UTC +04:00)

Azerbaijan, Baku, Dec. 12 / Trend A. Badalova /

Kazakhstan's oil production will increase by 100,000 barrels per day (bpd) to 1.62 million bpd in the fourth quarter of 2012 compared to 1.52 million bpd in the third quarter of the year, OPEC's December oil market report says.

"Output is expected to increase in the fourth quarter from the maintenance-curtailed production seen in the third quarter," the report said.

In 2012 OPEC expects Kazakhstan's oil production to decrease by 20,000 bpd to 1.58 million bpd.

"The minor decline comes on the back of limited new developments and the impact of maintenance and decline in mature producing areas," OPEC said.

According to OPEC estimates, during the first three quarters of 2012, Kazakhstan's supply decreased by 30,000 bpd from the same period of 2011.

In 2013 OPEC predicts Kazakhstan's oil output to increase by 60,000 bpd to 1.65 million bpd.

According to OPEC forecasts, Kazakhstan's oil production will amount to 1.61 million bpd in the first and second quarters of 2013, 1.65 million bpd in the third quarter and 1.73 million bpd in the fourth quarter.

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 north-western 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.