EIA expects rise in Kazakhstan’s oil production in 2014

Oil&Gas Materials 19 November 2013 17:54 (UTC +04:00)

Baku, Azerbaijan, Nov. 19

By Aygun Badalova - Trend:

Kazakhstan's oil production will increase by 0.04 million barrels per day (mbd) to 1.65 mbd in 2014, the latest Short-Term Energy Outlook published by the U.S. Energy Information Administration (EIA) said.

According to the EIA's forecasts, the highest level of the country's oil production next year will be observed in the fourth quarter - at 1.68 mbd. In the first quarter Kazakhstan will produce 1.62 mbd, in the second quarter - 1.64 mbd, in the third quarter - 1.65 mbd.

EIA predicts Kazakhstan's oil production at 1.61 mbd in 2013, unchanged from 2012 with 1.58 mbd in the fourth quarter of the year.

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.

Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.

Karachaganak field's oil reserves amount to 1.2 billion tons, natural gas - 1.35 trillion cubic meters.

The Tengiz field is one of the deepest and largest oil fields in the world. Its total estimated reserves amount to 3.1 billion tons (26 billion barrels).