The Ministry of Energy of Kazakhstan Will Not Change The Forecast For Annual Production Due To The Current Recession
The reduction in production in Kazakhstan due to the suspension of oil loading by the Caspian Pipeline Consortium will not affect the production forecast for 2023, the Ministry of Energy of the republic expects.
According to the Ministry of Energy, for three large companies with an average production of 172 thousand tons/day, production on November 28 will decrease to 106 thousand tons/day (by 30-40%), from November 29 to 76 thousand tons/day (56%).
“In general, the implementation of the production plan (for 2023 – IF) is projected to be 90,099,000 tons,” the Ministry of Energy reported.
As reported, Kazakhstan plans to produce 89 million tons of oil in 2023.
The Ministry of Energy reported earlier on Tuesday that oil production at Kazakhstan’s largest fields fell by 56%. The largest oil and gas fields in Kazakhstan are Tengiz, Kashagan and Karachaganak. They are expected to continue cutting production until December 3.
On November 27, the Caspian Pipeline Consortium suspended oil loading at the sea terminal due to unfavorable weather conditions; oil intake into the system is limited. The company informed that the tank farms are almost full. In this regard, oil is received from shippers at reduced rates.
The Tengiz oil and gas field is one of the largest in Kazakhstan, with oil reserves amounting to 3.2 billion tons. Located in the Atyrau region (west of the country).
The CPC connects the oil fields of western Kazakhstan and Russian fields on the Caspian shelf with the marine terminal in Novorossiysk. CPC is currently the main export route for Kazakh oil.
The shareholders of CPC are: the Russian Federation (24% managed by Transneft, 7% on the balance sheet) – 31%, Kazakhstan (represented by KazMunayGas – 19% and Kazakhstan Pipeline Ventures LLC – 1.75%) – 20.75%, Chevron Caspian Pipeline Consortium Company – 15%, LUKOIL International GmbH – 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft-Shell Caspian Ventures Limited – 7.5%, BG Overseas Holding Limited – 2%, Eni International N.A. N.V. – 2% and Oryx Caspian Pipeline LLC – 1.75%.
