International Energy Agency: The first cut is the deepest (10 February 2017 18:46)
OPEC oil production fell by 1mln barrels per day in January (10 February 2017 16:46)
The Wall Street Journal predicts rise in oil prices (31 January 2017 17:46)
Date: 12 November 2015 15:57
Baku, Azerbaijan, Nov. 12
By Elena Kosolapova – Trend: Kazakhstan’s oil production is projected to decrease by 20,000 barrels per day in 2015 to average 1.6 million barrels per day, OPEC says in its November oil market report.
OPEC said that Kazakhstan’s September oil production fell by 25,000 barrels per day compared to August to 1.49 million barrels per day, which is a threeyear low and is lower year-over-year for the third consecutive month.
The report said that output in Kazakhstan’s Tengiz field remained below 0.5 million barrels per day for the second consecutive month despite recovering from August’s lows.
OPEC predicts that oil production in Kazakhstan will decline by 30,000 barrels per day to average 1.57 million barrels per day in 2016, due to a lack of investment in 2016, as it was predicted in the previous month’s forecast.
With no new project startups lined up for next year, decline rates are likely to step up in 2016, the report said. OPEC also noted that different sources have said that the giant Kashagan project was unlikely to start production before mid-2017.
Kazakhstan produces oil mainly from its largest oil fields - Karachaganak and Tengiz.
Karachaganak field is 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. As of today, almost 45 percent of gas and 16 percent of all liquid hydrocarbons produced in Kazakhstan are being extracted from this field.
The Tengiz field in the west of Kazakhstan 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 in September 2013, but its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant. The government expects to resume oil production at Kashagan in late 2016.
Follow the author on Twitter: @E_Kosolapova
Follow us on Twitter @TRENDNewsAgency