EIA predicts oil production growth in Kazakhstan

Oil&Gas Materials 10 September 2014 15:20 (UTC +04:00)

Baku, Azerbaijan, Sept. 10

By Aygun Badalova - Trend:

Kazakhstan will increase oil production to 1.72 million barrels per day in 2014 and 1.73 million barrels per day in 2015, the U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook said.

In the third and fourth quarters of this year the country's oil production will amount to 1.73 million barrels per day compared to 1.66 million barrels per day in the second quarter of the year.

EIA predicts that in 2015 Kazakhstan will produce 1.73 million barrels per day including 1.73 million barrels per day in the first and second quarters and 1.72 million barrels per day - in the third and fourth quarters.

In 2013 Kazakhstan produced 1.66 million barrels per day, according to the EIA's estimations.

Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2014, according to BP's statistical review. The country's oil production amounted to 1.785 million barrels per day in 2013, which is 3.5 percent more than the volume in 2012.

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

Karachaganak field, its 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. Total estimated reserves amount to three billion tons (26 billion barrels).

Another large Kazakh oil and gas field is Kashagan located in the north of the Caspian Sea. Oil production at Kashagan started on September 11, 2013, but on Sept.24 its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant.

Production was resumed, but again suspended on Oct. 9 after showing another leak.

The cause of leaks in the gas pipeline was its cracking under the influence of sulphide compounds, the NCOC consortium operating the field said earlier. The consortium intends to resume the production at Kashagan field in 2014, Deputy Managing Director of NCOC Zhakyp Marabayev said on Jan.27 at an expanded meeting of the country's Oil and Gas Ministry's collegium.