OPEC: Kazakhstan’s oil production to rise by 70,000 bpd in 2013
Azerbaijan, Baku, Jan. 16 / Trend A. Badalova /
Kazakhstan's oil production will increase by 70,000 barrels per day (bpd) to 1.66 million bpd in 2013, OPEC's January oil market report says.
These forecasts indicate an upward revision of 10,000 bpd from OPEC last month report. The revisions were made sue to updated production data in the early part of the fourth quarter of 2012 that was carried over to 2013.
According to the OPEC report, the expected growth in 2013 is supported by the anticipated start-up of the Kashagan field in the late second quarter.
"In addition, the startup of the second phase of the Dunga project is seen to support the outlook. Uncertainties surrounding the start-up of the Kashagan field and strike actions in some oil-producing areas could affect output in 2013," the report said.
According to OPEC forecasts, Kazakhstan's oil production will amount to 1.62 million bpd in the first quarter of 2013, 1.61 million bpd in the second quarter, 1.65 million bpd in the third quarter and 1.73 million bpd in the fourth quarter of 2013.
In 2012, according to OPEC's forecast, Kazakhstan's oil production amounted to 1.58 million 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 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.