Baku, Azerbaijan, Aug. 11
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 1.62 million barrels per day in 2015, according to OPEC's August 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, 1.60, 1.59 and 1.62 million barrels per day, respectively," the report said.
Kazakhstan's oil production declined by 80,000 barrels per day in June compared to May to settle at 1.56 million barrels per day, although it stayed higher by 40,000 barrels per day compared to June 2014 due to the intensified works at Tengiz field in May and June of 2014, OPEC said in its report.
The average oil production in Kazakhstan in the first half of 2015 was 1.63 million barrels per day, indicating growth of 20,000 barrels per day over same period in 2014; oil output from Tengiz could offset the other fields' declines.
In 2016 oil production is forecasted 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 CN
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