EIA increases Kazakhstan’s oil production forecast

EIA increases Kazakhstan’s oil production forecast

Baku, Azerbaijan, Feb. 10

By Elena Kosolapova - Trend:

The US Energy Information Administration (EIA) has increased the forecast of oil production in Kazakhstan for 2016, according to the short-term February forecast of the EIA.

Oil production in Kazakhstan in 2016 is forecasted at 1.73 million barrels per day (bpd). Previously, the EIA predicted oil production in Kazakhstan at 1.72 million bpd in 2016.

In accordance with the new forecast, in the first quarter of 2016 oil production in Kazakhstan will amount to 1.71 million bpd, in the second and the third quarter - 1.72 million bpd, in the fourth - 1.75 million bpd.

In 2017, the EIA predicts oil production growth in Kazakhstan to 1.75 million bpd, as it predicted in the previous forecast. Quarterly production in 2017 is expected to be 1.76, 1.76, 1.75 and 1.74 million bpd, respectively.

In 2015, oil production in Kazakhstan was 1.72 million bpd, according to the EIA.

BP's statistical review indicates that Kazakhstan's proven oil reserves as of early 2015 stood at 30 billion barrels.

Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.

Tengiz is one of the largest fields in the world. The project's license area includes the Tengiz field and the Korolevskoye field, which is smaller, but has significant reserves. Recoverable reserves of the Tengiz and Korolevskoye fields are estimated between 750 million to 1.1 billion tons of oil. The total explored reserves in the drilled and non-drilled sites at the Tengiz field's reservoir stand at 3.1 billion tons, or 26 billion barrels.

Karachaganak is also one of the world's largest fields. Its oil and condensate reserves stand at 1.2 billion tons, and gas reserves exceed 1.35 trillion cubic meters. Almost 45 percent of gas and 16 percent of oil produced in Kazakhstan are being extracted from this field.

Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. The geological reserves of Kashagan are estimated at 4.8 billion metric tons of oil. The total oil reserves amount to 38 billion barrels; some 10 billion out of them are recoverable reserves.

There are large natural gas reserves at the Kashagan field - over one trillion cubic meters. The production at the Kashagan field started September 2013, but in October, it was ceased after a gas leak in one of the main pipelines. The production at the Kashagan is expected to resume in late 2016.

Edited by SI

Follow the author on Twitter:@E_Kosolapova

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