IMF Forecasts Higher Oil Output In Kazakhstan

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The International Monetary Fund (IMF) forecasts oil production in Kazakhstan to increase to 1.69 million barrels per day in 2017, AzerNews reported.

In 2016, 1.62 million barrels of oil were daily produced in Kazakhstan, said the IMF’s updated Regional Economic Outlook for the Middle East and Central Asia.

Oil production in Kazakhstan will grow to 1.79 million barrels per day in 2018, according to the IMF forecast.

The IMF also forecasts the export of oil from Kazakhstan to reach 1.38 million barrels per day in 2017 and 1.49 million barrels per day in 2018.

Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2016, according to BP’s Statistical Review of World Energy.

About 200 oil and gas fields are located on the territory of Kazakhstan. The total amount of reserves is estimated at 11-12 billion tons. 70 percent of these resources are concentrated in the western regions of Kazakhstan.

Kashagan, Tengiz and Karachaganak and are the largest oil fields in Kazakhstan.

Kashagan field, which earned the unfortunate nickname “cash-all-gone” due to a series of expensive overruns, finally started up in October 2016. The field, located in the north of the Caspian Sea is the biggest oil field opened in the last 40 years, while its recoverable oil reserves are assessed at 9-13 billion barrels.

Tengiz is a giant oil and gas field that was discovered in 1979. The field provides about 30 percent of oil production from the republican level.

Karachaganak is an oil and gas condensate field located in the West Kazakhstan region. It was opened in 1979. Karachaganak field produced 11.9 million tons of oil in 2015, which is 95 percent of the previous year’s plan.

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