by Daniel J. Graeber
Astana, Kazakhstan (UPI) Jan 13, 2017
More than 7 million barrels of crude oil have been produced safely from the Kashagan oil field in Kazakhstan since September, the operator said.
The North Caspian Operating Co., a joint venture operating the giant oil field in the Kazakh waters of the Caspian Sea, announced Friday it's produced 7.3 million barrels of crude oil and an ultra-light form of oil called condensate since production resumed in late 2016. The consortium added that volume was exported to the foreign market.
Production at Kashagan, which holds an estimated 16 billion barrels of oil, was halted in October 2013, less than a month after it started, when a pipeline associated with the field cracked open. Operations resumed in September and by October, the consortium said the first batch of crude oil from the field was being processed and destined for exports.
Production so far is around 180,000 barrels per day. The NCOC said that, once production optimization techniques are fully utilized, production should reach 370,000 bpd.
According to the economists at the Organization of Petroleum Exporting Countries, Kazakhstan was producing around 1.38 million bpd last year with the main share of growth coming from Kashagan.
"Kazakh oil supply in 2017 will grow by 210,000 bpd to average 1.77 million bpd, through Kashagan's production ramp-up," OPEC said in its December market report.
Kazakhstan is one of the non-OPEC members committed to a supply-side adjustment aimed at easing the glut of oil on the market that dragged crude oil prices lower last year. In October, OPEC said Brent crude oil prices came under pressure in part from increased output from Russia and Kazakhstan's "massive" Kashagan oil field.
Kazakhstan is still expected to be a main contributor of oil production from countries outside of OPEC.
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|