OPEC discloses forecasts for oil supply in Kazakhstan
Baku, Azerbaijan, July 11
By Nargiz Sadikhova - Trend:
In 2019, oil supply in Kazakhstan is expected to decline by 0.08 mb/d to average 1.74 mb/d, due to maintenance in the Kashagan and further planned maintenance in 2H19 in the Tengiz and Karachaganak fields, Trend reports with reference to the OPEC report.
“For 2020, despite production declines expected from Tengiz, Mangistaumunaigaz, AktobeMunaiGas, and Petrokazakhstan projects, Kazakh oil supply is expected to increase by 0.09 mb/d to average 1.82 mb/d through production ramp-ups from projects such as; Kashagan, and Karachaganak and others,” the statement said.
According to the report, Kazakhstan’s liquids output in May was up by 0.04 mb/d m-o-m to average 1.64 mb/d, but lower y-o-y by 0.21 mb/d, as maintenance ended at Kashagan. Since March 2019, oil output has dropped by 0.19 mb/d owing to a maintenance shutdown in the Kashagan field.
“Crude oil production rose by 41 tb/d in May m-o-m to average 1.37 mb/d, following a drop of 228 tb/d m-o-m in April. The Kashagan field was shut down on April 14 and restarted on May 19,” the report said.
“Crude output at the giant Kashagan field in the Caspian Sea already reached 400 tb/d in early June, according to secondary sources. Moreover, an official source said that the field’s average production is expected to reach 267 tb/d and further increase to average 309 tb/d in 2020. The North Caspian Operating Consortium (NCOC) plans to boost production in Kashagan through gas injection in order to ramp up production to as high as 470 tb/d,” the statement said.
At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.
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