Kazakhstan’s oil production is expected to decline by 60,000 per day to average 1.53 million barrels per day in 2016, OPEC says in its January oil market report.
The forecast remained unchanged from the previous report.
OPEC noted that in the second half of 2015 production declined at Tengiz, which is one of the largest oil field in Kazakhstan, and this trend is likely to continue in 2016, trend.az reports.
“Chevron was expected to implement several methods to maintain production capacity and extend production plateau at the field but these have now been put on the backburner following a 24 percent reduction in Chevron’s 2016 capex,” the report said.
On a quarterly basis in 2016, output is expected to reach 1.6 million barrels in the first quarter and 1.5 million barrels in the second, third and fourth quarters, according to OPEC.
In 2015 Kazakhstan’s oil supply is expected to decrease by 40,000 barrels per day over the previous year to average 1.59 million barrels per day, OPEC said. On a quarterly basis in 2015, output will average 1.66, 1.6, 1.53 and 1.56 million per day, respectively.
Kazakhstan produces oil mainly from Karachaganak and Tengiz oil fields.
Karachaganak field is one of the world’s largest fields. Its oil and condensate reserves stand at 1.2 billion tons, and gas reserves exceed 1.35 trillion cubic meters. As of today, almost 45 percent of gas and 16 percent of all liquid hydrocarbons produced in Kazakhstan are being extracted from this field.
The Tengiz field in the west of Kazakhstan is one of the deepest and largest oil fields in the world. Total estimated reserves amount to three billion tons (26 billion barrels).
Another large Kazakh oil and gas field is Kashagan located in the north of the Caspian Sea. Oil production at Kashagan started in September 2013, but its operation was suspended after a gas leak appeared from the ground pipeline stretching from the Island D to the Bolashak plant. The government expects to resume oil production at Kashagan in late 2016.