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Kazakhstan increases oil production by almost 7%

Oil&Gas Materials 8 November 2018 14:32

Baku, Azerbaijan, Nov. 8

By Rashid Shirinov – Trend:

Crude oil production in Kazakhstan for the first 9 months of this year amounted to 57.6 million tons, which is 6.5 percent more than a year earlier, EnergyProm.kz reported.

More than 60 percent of the first three quarters’ production traditionally accounted for the key oil region of Kazakhstan — Atyrau, where such large companies as Tengizchevroil, North Caspian Operating Company, Caspian oil, Tobearal Oil, Atyraumunay and others operate.

Vice Minister of Energy Magzum Myrzagaliyev said that at one of the largest oil fields in the region — Kashagan — oil production may exceed 12 million tons in 2018. Presently production is about 330,000-340,000 barrels per day, but optimization work is underway.

Myrzagaliyev added that by 2021 Kashagan is expected to reach the production level of 420,000 barrels per day.

The neighboring Mangystau region, where Karazhanbasmunai, Mangistaumunaigas and other companies operate, accounted for 23.4 percent of the total oil production in Kazakhstan.

More than 90 percent of the oil produced in the first 8 months of 2018 were exported. Exports of crude oil and its products reached 46,400 tons by volume (a 5.6 percent increase year-on-year) and $24.3 billion in money terms (a 45.3 percent increase year-on-year).

Three European countries – France, Italy and the Netherlands – accounted for 53.9 percent of the exports by volume and 54.4 percent in money terms.

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