Kazakhstan’s oil production to remain stable in short term

Oil&Gas Materials 13 May 2015 13:19 (UTC +04:00)

Baku, Azerbaijan, May 13

By Elena Kosolapova- Trend:

Kazakhstan's oil production will remain at 1.72 million barrels per day in 2015 and 2016 as it was in 2014, the US Energy Information Administration's (EIA) said in its May Short-Term Energy Outlook.

In the first quarter of 2015 the country's oil production hit 1.76 million barrels per day, according to the EIA's estimates.
EIA expects that Kazakhstan oil production will hit 1.73 million barrels per day in the second quarter, 1.69 million barrels per day in the third quarter and 1.7 million barrels per day in the fourth quarter of 2015.

The highest level of the country's oil production in 2016 will be observed in the fourth quarter - at 1.75 million barrels of oil per day, according to the EIA's forecasts.

In the first and the second quarter of the next year the production will average 1.71 million barrels per day, in the third quarter - 1.72 million barrel per day.

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, which is 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. The government said the replacement of pipes will take at least two years.

Edited by CN

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