OPEC forecasts slight decrease in Kazakhstan oil production

Oil&Gas Materials 13 May 2015 12:43 (UTC +04:00)

Baku, Azerbaijan, May 13

By Elena Kosolapova - Trend:

Kazakhstan's average oil production is expected to decrease by 10,000 barrels per day over the previous year to average 1.61 million barrels per day in 2015, according to OPEC's May oil market report.

The forecast remains unchanged from the previous monthly oil market report.

"On a quarterly basis in 2015, output will average 1.66 million barrels per day, 1.60 million barrels per day, 1.59 million barrels per day and 1.61 million barrels per day, respectively," the report said.

In March 2015 Kazakhstan's oil production declined by 10,000 barrels per day (compared to February) to 1.67 million barrels per day but was slightly higher compared to March 2014. Five out of Kazakhstan's top 10 fields have declined in the first quarter of 2015.

Kazakhstan's oil supply decreased by 20,000 barrels per day over the previous year to average 1.62 million barrels per day in 2014. On a quarterly basis in 2014, output will average 1.65 million barrels per day, 1.57 million barrels per day, 1.61 million barrels per day and 1.66 million barrels per day, 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.

Edited by S.I.

Follow the author on Twitter: @E_Kosolapova