OPEC predicts Kazakhstan’s oil production growth at 80,000 bpd in 2013
Azerbaijan, Baku, June 11 / Trend A. Badalova /
Kazakhstan's oil production will increase by 80,000 barrels per day (bpd) to 1.67 million bpd in 2013, OPEC's June Oil Market Report published on Tuesday said. This represents a minor upward revision of 10,000 bpd from the previous month's forecasts.
"The upward revision came in the second quarter to adjust for updated production data in the early part of the quarter," the report said.
OPEC stressed that Kazakhstan's expected supply growth in 2013 is seen coming from the startup of the Kashagan oil field. "The first phase of the project is seen adding around 350,000 bpd. January-April production, according to a preliminary sounding, indicates that Kazakhstan supply increased by 50,000 bpd from the same period last year," the report said.
According to the OPEC's estimates, Kazakhstan's oil supply amounted to 1.68 million bpd in the first quarter of 2013.
In the second quarter OPEC expect country's oil production to amount to 1.63 million bpd, in the third quarter - to 1.64 million bpd, in the fourth quarter - to 1.72 million bpd.
According to BP, Kazakhstan's proven oil reserves stood at 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.