BAKU, Azerbaijan, May 12
By Nargiz Sadikhova - Trend:
The volume of oil and gas condensate production by Kazakhstan’s KazMunayGas National Company (KMG) amounted to 5.3 million tons (438,000 barrels per day) in 1Q2021, Trend reports citing the KMG.
This is a decrease of 10.3 percent compared to the first quarter of 2020. The volume of production of associated and natural gas decreased by 8.9 percent to 2.0 billion cubic meters.
Oil production at Tengiz decreased by 13.3 percent compared to the first quarter of 2020, amounting to 1.3 million tons (117,000 barrels a day), and gas production declined by 11.9 percent, amounting to 741 million cubic meters. A significant impact on the decline in oil production was made by the obligations assumed to limit production under the OPEC + agreement.
Oil production at Kashagan decreased by 16.6 percent to 305,000 tons of oil (27,000 barrels per day), while gas production decreased by 15.5 percent and amounted to 185 million cubic meters. The decrease in production compared to the same period of the previous year was due to the assumed obligations to limit production under the OPEC + agreement.
Production of liquid hydrocarbons at Karachaganak decreased by 1.8 percent and amounted to 279,000 tons (24,000 barrels per day). Gas production amounted to 533 million cubic meters and decreased by 0.8 percent compared to the first quarter of 2020. The decline in production was due to restrictions on the intake of gas sent for processing to the Orenburg Gas Processing Plant.
On March 20, 2021, after the successful completion of all construction, installation and commissioning works, an act of readiness for commissioning of the Project to remove production restrictions on gas (FOG project) was signed, which will provide an additional increase in the production of liquid hydrocarbons. The launch of the project is scheduled for June 2021 after the completion of production tests.
Oil production at operating assets decreased by 9.1 percent to 3.4 million tons (271,000 barrels per day) and gas production decreased by 9.6 percent to 599 million cubic meters.
The decrease in production volumes was mainly due to the assumed obligations to limit production under the OPEC + agreement, as well as a natural decline at production at mature fields.