OPEC expects increase in Kazakh oil supply
Baku, Azerbaijan, Nov. 8
By Elena Kosolapova – Trend:
OPEC expects Kazakhstan’s oil supply to grow and reach 2.7 million barrels per day (mb/d) in 2040, the cartel said in its 2016 World Oil Outlook, published Nov. 8.
“As a result of lower oil prices, Kazakhstan’s outlook remains the same as last year’s in which crude oil and NGLs [natural gas liquids] production was projected to reach 1.7 mb/d in 2020,” the report said.
According to OPEC, oil production in Kazakhstan was at 1.6 mb/d in 2015.
OPEC says that in 2025 oil production in Kazakhstan is projected to rise to 2 mb/d, in 2030 – to 2.3 mb/d, in 2035 – to 2.6 mb/d and in 2040 – to 2.7 mb/d.
“Over the medium-term, a rise in crude oil and NGLs output from Kazakhstan will mainly come from Kashagan, the
Tengiz expansion, and the Akote and Fedorovskiy blocks,” OPEC said.
Kazakhstan's proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.
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