Kazakhstan lowers oil production forecast for 2016Staff writer ▼ | January 16, 2016
Kazakhstan has reduced its oil production forecast for 2016 to 550 million barrels compared to the previous year’s output of 79 million tons due to the depletion of oil fields, Kazakh Energy Minister Vladimir Shkolnik said.
Oil production 550 million barrels this year
“This year we will launch the Kashagan project, and it will start next year and contribute to the general plan of oil production,” the minister said.
According to his calculations, the Kashagan field will produce about 7 million tons in 2017 and 11 million tons in 2018 to then level out to 13 million tons, or 93 million barrels, per year.
“Therefore, Kazakhstan has a small dip of oil production in this year, from next year we begin to eliminate this failure, then production will increase,” Shkolnik concluded.
Kazakhstan’s largest oil fields are Tengiz, Karachaganak and Kashagan. Kashagan, the world’s biggest oil find in decades, is expected to begin producing again at the end of 2016 after a series of technical challenges halted production in 2013.
Oil reserves at Kashagan are estimated at 4.8 billion metric tons of oil. The total oil reserves amount to 38 billion barrels, with some 10 billion of that listed as recoverable reserves.
Kashagan’s natural gas reserves are estimated at are more than 1 trillion cubic meters. ■