Baku, Azerbaijan, May 13
By Elena Kosolapova - Trend:
Kazakhstan's oil output decline in the first quarter of 2016 compared to the same period of 2015, OPEC Monthly Oil Market Report for May 2016 said.
The country's oil production in March has been revised down by 10,000 barrels per day - mainly due to a decline in crude oil output - to average 1.34 million barrels per day. This is lower than the 1.61 million barrels per day recorded in both February and January.
OPEC forecasts that Kazakhstan's oil production will decrease by 40,000 tons per day - to 1.56 million barrels per day in 2016.
The report also says that according to China National Petroleum Corporation (CNPC), which is one of the shareholders of development project of Kazakhstan's Kashagan oil field, the resumption of oil production in the volume of 0.18 million barrels per day within the first phase of output at this field is expected to start in June of 2017.
Kazakhstan hopes to increase oil output thanks to Kashagan field's development.
The country's oil production in 2015 declined by 30,000 barrels per day - to average 1.6 million barrels per day, according to OPEC.
Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.
Edited by SI