EIA: Kazakhstan’s oil production to decrease in 2012

Aug 10. Trend

By A.Badalova

EIA: Kazakhstan's oil production to decrease in 2012Kazakhstan’s oil production will decrease by 70,000 barrels per day (bpd) to 1.57 million bpd in 2012, the U.S. Energy Information Administration (EIA) predicts.

According to the EIA’s report on the short-term energy outlook, the country’s oil production will amount 1.45 million bpd in the third quarter and to 1.62 million bpd in the fourth quarter of 2012 compared to 1.63 million bpd in the first quarter and 1.59 million bpd in the second quartes of the year.

In 2013 EIA expects Kazakhstan’s production to increase by 200,000 bpd to 1.77 million bpd.

In the first quarter of the next year the country’s oil production will amount to 1.73 million bpd, in the second quarter – 1.75 million bpd, in the third quarter – 1.78 million bpd, in the fourth quarter – 1.82 million bpd.

According to BP, the proven oil reserves in Kazakhstan amounted to 39.8 billion barrels in early 2011, but hit 1.757 million barrels per day in 2010, or 4.4 percent more than the volume in 2008.

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

Karachaganak field, opened in 1997 in north-western Kazakhstan, has estimated initial reserves of hydrocarbons in the volume of 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.

Tengiz field, opened in 1979 in western Kazakhstan, has estimated reserves of about 26 billion barrels.