OPEC predicts Kazakhstan’s oil production to up by 50,000 bpd next year

September 11. Trend

By A.Badalova

OPEC predicts Kazakhstan’s oil production to up by 50,000 bpd next yearKazakhstan’s oil production will increase by 50,000 barrels per day (bpd) to 1.69 million bpd in 2014, OPEC’s September Oil Market Report said.

According to the OPEC’s forecasts, the highest oil production in the country next year will be observed in the fourth quarter – at 1.78 million bpd. In the first and second quarters of 2014 the production will amount to 1.64 million bpd, in the third quarter – to 1.7 million bpd.

In 2013 OPEC predicts Kazakhstan’s oil production at 1.64 million bpd, which is 50,000 bpd more than in 2012.

The startup of production tests at the Kashagan oil field in the country is seen supporting the expected growth in 2013, OPEC said in the report. While maintenance at the Karachaganak field is seen to limit condensate output, Kazakh oil supply is expected to increase in the fourth quarter on the ramp-up of new volumes.

According to the OPEC’s estimates, during the first seven months, Kazakhstan’s oil production averaged 1.64 million bpd, an increase of 40,000 bpd compared to the same period a year earlier.

OPEC predicts the country’s oil production at 1.63 million bpd in the third quarter and 1.66 million bpd in the fourth quarter of 2013 compared to 1.68 million bpd in the first and 1.6 million bpd in the second quarter of the year.

According to BP, Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2013.

The country’s oil production, according to BP, amounted to 1.728 million barrels per day in 2012, which is 1.6 percent less than the volume in 2011.

Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. Its geological reserves are estimated at 4.8 billion tons of oil. The total oil reserves amount to 38 billion barrels or 6 billion tons, some 10 billion out of them are recoverable reserves.

There are large natural gas reserves at the Kashagan field – over one trillion cubic metres.

The Kashagan Field in north-western Kazakhstan was opened in 1979. It is one of the largest gas condensate deposits in the world. Its estimated initial reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.