Considerable oil supply growth expected in Kazakhstan

Considerable oil supply growth expected in Kazakhstan

Baku, Azerbaijan, Nov. 11
By Elena Kosolapova – Trend:
Kazakhstan is expected to be the second largest source of non-OPEC supply growth after Brazil in 2017, OPEC said in its monthly oil market report published Nov.11.

Kazakhstan’s oil production forecast was revised up by 10,000 barrels per day (bpd) compared to the previous report published in October. According to the new report, oil production in Kazakhstan is expected to decline by 30,000 bpd to average 1.56 bpd in 2016.

Meanwhile oil growth is forecasted at 0.26 million bpd in 4Q2016. This growth will be partially due to the Tengiz field returning to full production after some of the heaviest-ever maintenance and from the Kashagan ramp-up. Crude oil output in September increased by 0.23 million bpd, compared with August, to average 1.23 million bpd, and total liquids supply reached 1.50 million bpd.

In 2017 oil production growth in Kazakhstan is forecasted at 0.21 million barrels per day, according to the report. Oil production will reach 1.8 million bpd in 2017, OPEC said.

Oil production in Kazakhstan dropped by 30,000 barrels per day in 2015 and averaged 1.6 million barrels per day, according to OPEC.
The country’s proven oil reserves stood at 30 billion barrels as of early 2016, according to BP.
Kazakhstan’s largest oil fields are Tengiz, Karachaganak and Kashagan.

Follow the author on Twitter: @E_Kosolapova

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