Kazakhstan Increased Oil Production In January-July By 10%, Exceeded The Quota Of OPEC+

Kazakhstan Increased Oil Production In January-July By 10%, Exceeded The Quota Of OPEC+

MOSCOW (Reuters) – Kazakhstan increased oil and gas condensate production in January-July 2017 to 49.907 million tons from 45.409 million tons in the same period last year, the data of the analytical center of the Ministry of Energy of the Republic showed.

According to the center, daily oil production in Kazakhstan in January-July this year amounted to 235.411 tons, or 1.724 million barrels (with a barrel ratio of 7.32).

Thus, oil production in Kazakhstan in January-July 2017 by 44.036 barrels per day exceeded the level approved in the OPEC + pact, according to which Astana promised to reduce production by 20,000 barrels per day from the figure of 1.7 million barrels per day in November 2016.

The extraction of raw materials in Kazakhstan in July increased to 7.378 million tons (1.743 million barrels per day), which is 0.4 percent more than in June, according to the analytical center.

Earlier, Kazakhstan promised to adhere to its obligations under the OPEC + pact to limit oil production until April 2018.

In 2017, oil production in Kazakhstan is projected at 81-85 million tons, of which at least 5 million will be at Kashagan.

KASHAGAN

The production of oil at the giant Kashagan field in Kazakhstan increased by 2.6 percent in June in the daily terms relative to June – to 767,766 tons from 724.487 tons, according to the analytical center.

The production of Kashagan oil last month increased in barrels to 194.666 per day from 189.816 per day in June.

In total for January-July of 2017 on Kashagan it was extracted 4,286 million tons of oil.

Kazakhstan resumed oil production on Kashagan on September 28, 2016 and plans to increase the production of raw materials to 370,000 barrels per day by the end of 2017.

The volume of investment in the development of Kashagan has already reached $ 55 billion.

The North Caspian Operating Company (NCOC) consortium, the operator of the field, unites the Italian Eni, the US Exxon Mobil, the Chinese, the British-Dutch Royal Dutch Shell, the French Total, the Japanese Inpex Holdings Inc and the Kazakh state holding Kazmunaigaz.

Alla Afanasyeva, editor of Lyudmila Zaramensky

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