Kazakhstan’s oil output to stay unchanged
Baku, Azerbaijan, Feb. 10
By Aygun Badalova - Trend:
Kazakhstan's average oil production is foreseen to stay unchanged in 2015 at the level of 1.6 million barrels per day (bpd), according to OPEC's February oil market report.
"The future of Kazakh oil output relies on sustained investment in Tengiz (the largest-producing field, where output declined in 2014) and the Karachaganak field," the report said.
The country's oil production stood at 1.62 million bpd in 2014, according to OPEC's estimates.
OPEC said that the estimates of the country's production for the last year remained unchanged in spite of an upward revision by 21,000 bpd in 4Q14 on the back of strong output in November and December of 1.72 million bpd and 1.7 million bpd, respectively.
On a quarterly basis, Kazakh oil supply is estimated at 1.65 million bpd, 1.57 million bpd, 1.61 million bpd and 1.66 million bpd, respectively.
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.