OPEC predicts Kazakhstan’s oil production growth at 90,000 bpd in 2014
Baku, Azerbaijan, Jan. 18
By Aygun Badalova - Trend:
Kazakhstan's oil production will increase by 90,000 barrels per day (bpd) to 1.73 million bpd in 2014, according to OPEC's January oil market report.
On a quarterly basis in 2014, OPEC predicts Kazakhstan's oil production at 1.69 million bpd, 1.68 million bpd, 1.73 million bpd and 1.81 million bpd respectively.
The country's oil production averaged 1.64 million bpd in 2013, which is 60,000 bpd more than in 2012, according to OPEC estimations.
Kazakhstan produced its highest historical level of oil output at 1.69 million bpd in the fourth quarter, the report said.
Kazakhstan's Tengiz field expansion is expected to boost crude production to around 800,000 bpd by 2019 from just less than 550,000 bpd last year.
Kazakhstan's production comes mainly from five onshore fields - Tengiz, Karachaganak, Aktobe, Mangistau, and Uzen - and two offshore fields - Kashagan and Kurmangazy, both located in the Caspian Sea.
Tengiz and Karachaganak produce about 50 pecent of Kazakhstan's total production. Supply growth over the medium-term will mainly come from Kashagan (Phase 1), the Tengiz expansion, and the Akote and Fedorovskiy blocks. First oil production from Kashagan started on 11 September 2013, but it keeps facing technical problems and delays.