ASTANA, Kazakhstan, December 18. A prolonged and profound recession among Kazakhstan's primary trading partners could result in a drop in the country's economic activity, Trend reports, citing the macro-review of the Eurasian Development Bank.
At the same time, the restriction on oil production volumes under the OPEC+ agreement may last longer than expected in the baseline scenario. And this, in turn, will negatively affect the export supplies and budget revenues of Kazakhstan.
As the Ministry of Energy of Kazakhstan previously reported, the country intends to fulfill its obligations adopted following the recent OPEC+ meetings held on November 30. "Our obligations in the first quarter of 2024 will amount to 1.468 million barrels per day," the ministry said.
In addition, in EDB's view, another risk that could limit economic activity in Kazakhstan could be a delay in the future expansion of production at the Tengiz field.
At the Tengiz field, work is underway to further increase production (Future Growth Project - Wellhead Pressure Management Project, FGP-WPMP).
The FGP will allow expanding production by approximately 12 million tons per year (260,000 barrels per day) to about 39 million tons per year (850,000 barrels per day). The WPMP will keep the existing Tengiz plants full by lowering the flowing pressure at the wellhead and then boosting the pressure to meet the inlet requirements of the six existing processing trains.