EIA expects rise in Kazakhstan's oil production

Oil&Gas Materials 8 January 2014 13:07 (UTC +04:00)

Baku, Azerbaijan, Jan. 8

By Aygun Badalova - Trend:

Kazakhstan's oil production will increase by 70,000 barrels per day (bpd) to 1.71 million barrels per day (mbd) in 2014, the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook said.

The highest level of the country's oil production this year will be observed in the fourth quarter - at 1.78 mbd, according to the EIA's forecasts. In the first quarter EIA predicts Kazakhstan to produce 1.67 mbd, in the second quarter - 1.68 mbd, in the third quarter - 1.71 mbd.

In 2015 EIA predicts Kazakhstan's oil production to reach 1.9 mbd with the highest production level of 1.94 mbd in the fourth quarter of the year. In the first quarter of 2015 Kazakhstan will produce 1.85 mbd, in the second quarter - 1.89 mbd, in the third quarter - 1.93 mbd.

Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2013, according to BP's statistical review. The country's oil production amounted to 1.728 mbd 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).