EIA forecasts slight oil production increase in Kazakhstan

Baku, Azerbaijan, Nov. 14

By Elena Kosolapova- Trend:

Kazakhstan will slightly increase oil production in 2014 and in 2015, the US Energy Information Administration's (EIA) November Short-Term Energy Outlook report said.

The country's oil production will increase to 1.7 million barrels per day in 2014 and 1.71 million barrels per day in 2015 compared to 1.66 million barrels per day in 2013, EIA's report said.

In 4Q2014 the country's oil production will hit 1.72 million barrels per day, according to the EIA.

EIA predicts Kazakhstan's oil production at 1.72 million barrels per day in 1Q2015 and 1.71 million barrels per day in the second, third and forth quarter of 2015.

Kazakhstan produced 1.71 million barrels per day in the third quarter, 1.66 million barrels per day in the second quarter and 1.73 in the first quarter of 2014, EIA said.

Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2014, according to BP's statistical review.

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.