Baku, Azerbaijan, Feb. 10
By Elena Kosolapova - Trend:
Kazakhstan's oil production is expected to decline by 40,000 per day to average 1.55 million barrels per day in 2016, OPEC says in its February oil market report.
In its January oil market report, OPEC forecasted that Kazakhstan would decrease oil production by 60,000 per day to average 1.53 million barrels per day in 2016.
"Oil production in Kazakhstan, mainly from major fields such as Tengiz, was seen declining recently and this trend will continue until the Kashagan field starts to produce," the report said.
On a quarterly basis in 2016, output is expected to reach 1.6 million barrels in the first quarter and 1.5 million barrels in the second, third and fourth quarters, according to OPEC. In 2015 oil production in Kazakhstan declined by 30,000 barrels per day to average 1.60 million barrels per day, OPEC said.
BP's statistical review indicates that Kazakhstan's proven oil reserves as of early 2015 stood at 30 billion barrels. Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.
Tengiz is one of the largest fields in the world. The project's license area includes the Tengiz field and the Korolevskoye field, which is smaller, but has significant reserves. Recoverable reserves of the Tengiz and Korolevskoye fields are estimated between 750 million to 1.1 billion tons of oil. The total explored reserves in the drilled and non-drilled sites at the Tengiz field's reservoir stand at 3.1 billion tons, or 26 billion barrels.
Karachaganak is also one of the world's largest fields. Its oil and condensate reserves stand at 1.2 billion tons, and gas reserves exceed 1.35 trillion cubic meters. Almost 45 percent of gas and 16 percent of oil produced in Kazakhstan are being extracted from this field.
Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. The geological reserves of Kashagan are estimated at 4.8 billion metric tons of oil. The total oil reserves amount to 38 billion barrels; some 10 billion out of them are recoverable reserves. There are large natural gas reserves at the Kashagan field - over one trillion cubic meters. The production at the Kashagan field started September 2013, but in October, it was ceased after a gas leak in one of the main pipelines. The production at the Kashagan is expected to resume in late 2016.
Edited by SI
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