Oil production at Kashagan field above expectations

By Azernews

By Kamila Aliyeva

The oil production at Kashagan, one of the largest fields of Kazakhstan, exceeded the annual plan by 46 percent.

This was stated by the National Economy Minister Timur Suleimenov at a government meeting on December 12, Kazinform reported.

“In terms of industry, the biggest growth was recorded in Atyrau region at 21.4 percent. This was achieved due to the stable oil production at Kashagan. So, in eleven months of this year, 7.3 million tons were produced, which exceeds the initial annual plan by 5 million tons, or 46.0 percent,” he said.

Kyzylorda and Mangistau regions continue to show negative dynamics with -3.9 percent and -0.4 percent due to the reduced oil production as a result of depletion of reserves.

The geological reserves of Kashagan are officially estimated at 4.8 million tons. Total oil reserves amount to 38 billion barrels, of which about 10 billion barrels are recoverable, natural gas reserves are more than 1 trillion cubic meters.

The geological reserves of Kashagan are officially estimated at 4.8 million tons of oil. Total oil reserves amount to 38 billion barrels, of which about 10 billion barrels are recoverable, natural gas reserves are more than 1 trillion barrels cubic meters.

Oil and gas sector is the major and most rapidly growing industry in Kazakhstan which brings the country a lion's share of its incomes.

Kazakhstan's proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan. Three oil giants will be able to bring Kazakhstan's oil production to a new level in the coming years even if new oil fields are not discovered.

With the start of oil production at the Kashagan field, the forecasts of several international organizations on oil production in Kazakhstan immediately grew.

Analysts from the International Energy Agency (IEA), OPEC, the Energy Information Administration of the U.S. Department of Energy (EIA) link the increase in oil production namely with the Kashagan field.