EIA says Kazakhstan’s oil output to remain stable at 1.7. mln bpd

Kazakhstan Materials 17 October 2014 18:02 (UTC +04:00)

Baku, Azerbaijan, Oct. 17

By Aygun Badalova - Trend:

Kazakhstan's oil production will remain stable at 1.73 million barrels per day (bpd) in late 2014 and early 2015, the US Energy Information Administration's (EIA) Short-Term Energy Outlook said.

In the third and fourth quarters of this year the country's oil production will amount to 1.73 million barrels per day compared to 1.66 million barrels per day in the second quarter of the year, according to the EIA.

EIA predicts Kazakhstan's oil production at 1.72 million bpd in 2014 and 1.73 million bpd in 2015.

The highest level of the country's oil production next year, according to the EIA's forecasts, will be observed in the first and second quarters - at 1.73 million bpd. The production will amount to 1.72 million bpd in the third and fourth quarter of 2015.

Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2014, according to BP's statistical review. The country's oil production amounted to 1.785 million barrels per day in 2013, which is 3.5 percent more than the volume in 2012.

Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.

Karachaganak field, its oil reserves amount to 1.2 billion tons, natural gas - 1.35 trillion cubic meters.

The Tengiz field is one of the deepest and largest oil fields in the world. Total estimated reserves amount to three billion tons (26 billion barrels).

Another large Kazakh oil and gas field is Kashagan located in the north of the Caspian Sea. Oil production at Kashagan started on September 11, 2013, but on Sept.24 its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant.

Production was resumed, but again suspended on Oct. 9 after showing another leak.

The cause of leaks in the gas pipeline was its cracking under the influence of sulphide compounds, the NCOC consortium operating the field said earlier. The consortium intends to resume the production at Kashagan field in 2014, Deputy Managing Director of NCOC Zhakyp Marabayev said on Jan.27 at an expanded meeting of the country's Oil and Gas Ministry's collegium.