BP: Kazakhstan decreases oil production in 2012
Azerbaijan, Baku, June 12 / Trend E. Kosolapova /
Oil production in Kazakhstan decreased by 1.6 percent to 1.728 million barrels per day in 2012, BP Statistical Review of World Energy 2012 says. This figure stood at 1.758 million barrels per day in 2011.
Kazakhstan's share in global oil production hit 2 percent in 2012.
According to BP estimates, oil consumption in Kazakhstan increased by 10.2 percent to 265,000 barrels per day in 2012.
BP retained stable its estimation on the country's proven oil reserves at 30 billion barrels, which amounts to 1.8 percent of global proven oil reserves.
Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.
Tengiz field, opened in 1979 in the west of Kazakhstan, is one of the deepest and largest oil fields in the world. Total estimated reserves of the Tengiz field total 3 billion tons (26 billion barrels).
Tengiz field is operated by Tengizchevroil consortium (TCO), a joint venture established in April 1993 based on the agreement signed between the Kazakh government and Chevron. Tengizchevroil partners are Chevron - 50 percent, KMG - 20 percent, ExxonMobil - 25 percent and LukArko - 5 percent.
Karachaganak field is one of the world's largest fields. Its oil reserves amount to 1.2 billion tons, natural gas - 1.35 trillion cubic meters. About 49 percent of Kazakhstan's gas production and 18 percent of oil production are extracted from this field. BG Group has a 29.25 percent stake in the project, Eni - 29.25 percent, Chevron -18 percent, Lukoil -13.5 percent and Kazakhstan -10 percent.
Kashagan is one of the largest fields discovered in the past 40 years. According to the analysts, it has the potential to unite the top five largest oil companies in the world. Kazakh geologists estimate geological oil reserves at 4.8 billion tons. According to the project operator, total oil reserves are 38 billion barrels (six billion tons) with a recoverable volume of about 10 billion barrels. Natural gas reserves are estimated at over one trillion cubic meters. Oil production start was several times delayed at the field and now expected until the end of 2013.
At present, the Kashagan project participants are Eni, Royal Dutch Shell, Exxon Mobil, Total and KazMunaiGas, which own equal shares (16.81 percent) as well as ConocoPhillips - 8.4 percent and Japan's Inpex - 7.55 percent.