BAKU, Azerbaijan, November 23
By Nargiz Sadikhova - Trend:
OPEC+ crude oil supply rose 560,000 barrels a day in October to 42.79 million barrels a day, led by a rebound in output from Kazakhstan, Trend reports citing the Oil Market Report of International Energy Agency.
The report said that Kazakhstan’s output rose 260,000 barrels a day to 1.6 million barrels a day in October, bolstered by higher flows from its Tengiz and Kashagan oilfields, which completed planned maintenance in September.
“The Chevron-led consortium that operates Tengiz has meanwhile started early flows from a $45 billion project to boost output to 850,000 barrels a day and support growth in the years ahead,” the report said.
Furthermore, the report noted that completion of the so-called Future Growth Project-Wellhead Pressure Management Project is approaching 90 percent.
FGP-WPMP is the next major expansion of the Tengiz oil field, with crude oil production capacity expected to increase by approximately 12 million tons per year or 260,000 barrels per day, and with the field’s total production expected to increase to approximately 1 million barrels of per day. The total project is currently at 86 percent completion and continues to achieve major milestones.
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