Azerbaijan, Baku, May 13 / Trend A. Badalova /
Kazakhstan's oil production will amount to 1.61 million barrels per day (bpd) in the second quarter of 2013 compared to 1.57 million bpd during the same period of last year, OPEC's May Oil Market Report said.
According to OPEC's forecasts, the country's oil production was at 1.68 million bpd in the first quarter of 2013.
OPEC predicts Kazakhstan's oil production to increase by 70,000 bpd to 1.66 million bpd in 2013, which indicates a downward revision of 10,000 bpd compared to the last month's forecasts.
"The downward revision came on the back of uncertainties on the startup and initial production of the Kashagan field's first phase. Conflicting reports emerged regarding the startup of the field in June or September as well as on the initial production level," the report said.
However, OPEC believes that further adjustment might be coming in the near future as the startup date comes closer.
According to OPEC's forecasts, the contry will produce 1.64 million bpd in the third quarter and 1.72 million bpd in the fourth quarter of this year.
According to BP, Kazakhstan's proven oil reserves were 30 billion barrels in early 2012.
The country's oil production, according to BP, amounted to 1.841 million barrels per day in 2011, which is 0.9 percent more than the volume in 2010.
Tengiz and Karachaganag fields are located in Kazakhstan. 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.