Kazakhstan’s Kashagan oilfield will produce 370,000 bpd by 2018
Kazakhstan’s giant Kashagan oilfield will reach production capacity of 370,000 barrels per day in 2018 rather than this year, North Caspian Operating Company (NCOC) said on Wednesday.
“With the start-up and optimisation of the raw gas reinjection process, it is planned to ramp up oil production to a capacity of 370,000 barrels per day (bpd) … into 2018”, – NCOC representative said in an email on Wednesday.
Earlier plans called for a production level of 370,000 bpd by the end of 2017.
A unit of Kazakhstan’s third-biggest oil producer, KazMunaiGas, said in September that the oilfield will produce 270,000 barrels per day in the last quarter of this year.
That forecast was lower than that given by Energy Minister Kanat Bozumbayev, who said the field would increase production to 300,000-370,000 bpd by the end of this year from the 200,000 bpd currently.
Production was expected to be boosted by raw gas re-injection, which started in August, but it failed to bring about immediate results, while flooding at the oilfield disrupted work, industry sources said.
NCOC said that it was testing the systems and are gradually increasing and optimizing the amount of gas being re-injected so that more oil can be produced from Kashagan.
In September CPC Blend loadings of Kashagan oil were cut by 400,000 tonnes due to production problems, and traders expect November’s loading plan to be reduced.
The revised loading plan for November is expected this week.
Source: Reuters (Reporting by Olga Yagova; editing by Louise Heavens)