OPEC: Kazakhstan’s oil production to up by 50,000 bpd in 2013
Azerbaijan, Baku, Oct. 18 /Trend, A. Badalova/
Kazakhstan's oil production will increase by 50,000 barrels per day (bpd) to 1.64 million bpd in 2013, OPEC's latest oil market report said. This figure indicates an upward revision of 10,000 bpd from the previous report.
The upward revision was introduced to adjust for updated preliminary production data in the third quarter, OPEC said in its report.
According to OPEC's forecasts, in the fourth quarter of 2013, the country's oil production will amount to 1.66 million bpd compared to 1.68 million bpd in the first quarter, 1.6 million bpd in the second quarter and 1.63 million bpd in the third quarter of the year.
In 2014, OPEC predicts Kazakhstan's oil production to increase by 50,000 bpd to 1.69 million bpd.
According to OPEC's expectations, the highest oil production in the country next year will be observed in the fourth quarter - at 1.78 million bpd. In the first and second quarters of 2014 the production will amount to 1.64 million bpd, in the third quarter - to 1.7 million bpd.
According to BP, Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2013.
The country's oil production, according to BP, amounted to 1.728 million barrels per day in 2012, which is 1.6 percent less than the volume in 2011.
Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. Its geological reserves are estimated at 4.8 billion tons of oil. The total oil reserves amount to 38 billion barrels or 6 billion tons, some 10 billion out of them are recoverable reserves.
There are large natural gas reserves at the Kashagan field - over one trillion cubic metres.
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.