OPEC: Kazakhstan to be among contributors to oil output growth
Kazakhstan will be among the main contributors to world oil output growth in 2017, OPEC said in its monthly oil market report.
“The adjusted Kazakh oil supply is now seen growing by 0.14 million barrels per day to average 1.70 million barrels per day,” OPEC said.
The other main contributors to world oil output growth in 2017 are expected to be Brazil with 0.25 million barrels per day, the US with 0.24 million barrels per day, Canada with 0.18 million barrels per day and Congo with 0.03 million barrels per day, Trend reported.
OPEC noted that Kazakhstan’s oil output grew by 10,000 barrels per day in December to average 1.43 million barrels per day, with liquids output – which includes NGLs – averaging 1.70 million barrels per day. Production at Kashagan field which was launched in autumn 2016 reached a maximum of 0.12 million barrels per day at the end of 2016.
In December Kazakhstan agreed to reduce oil production by 20,000 bpd from November 2016 level within a deal between OPEC and non-OPEC oil producers. Kazakh Energy Ministry said that Kazakhstan’s oil production is seen declining by a total of 20,000 barrels per day from fields located in the Aktobe and Kyzylorda regions in 2017.
“However, production ramp-ups of the Kashagan field could lead to a maximum level of 0.27 million barrels per day by year end,” OPEC said in the report.
Kashagan located in the north of the Caspian Sea is the biggest oil field opened in the last 40 years. Its recoverable oil reserves are assessed at 9-13 billion barrels. Kazakhstan plans to produce 8.9 million tons of oil and 5.6 million tons of gas at this field in 2017 with gradual increase in output in subsequent years.
Kazakhstan's proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.