OPEC predicts decrease in Kazakhstan's oil production in short term
Baku, Azerbaijan, Nov. 12
By Elena Kosolapova- Trend:
Kazakhstan's oil production is foreseen to decrease by 0.03 million barrels per day in 2014 compared to 2013, according to OPEC's November oil market report.
According to OPEC, Kazakhstan's average production will stand at 1.61 million barrels per day.
"The latest updated production in the third quarter was supported by a production build-up from the Tengiz oil field, which returned from maintenance. Kazakhstan's output is expected to fall again, given heavy maintenance in 2014 and high underlying decline rates," the report said.
According to the historical oil fields' production volume representing year-over-year changes in Kazakhstan's oil fields, output - mainly from the Tengiz, Aktobemunai and Kazgermunai fields - is declining.
Kazakhstan's oil production will average 1.6 million barrels per day in 4Q 2014, OPEC forecasts. Oil production for all 2015 is forecast to remain at 1.6 million barrels per day.
Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.
Karachaganak field is one of the world's largest fields. Its oil reserves amount to 1.2 billion tons, natural gas - 1.35 trillion cubic meters. About 49 percent of Kazakhstan's gas production and 18 percent of oil production are extracted on this field.
The Tengiz field in the west of Kazakhstan 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 in September 2013, but its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant. The government said the replacement of pipes will take at least two years.
Edited by S.I.