Kazakhstan may exceed its previous oil production forecast by around 2% this year following an upgrade to output at its largest Caspian oilfields, Reuters calculations, based on data from state-owned energy company KazMunayGaz, showed.
According to calculations, oil output in Kazakhstan may rise this year to around 97.7 million metric tons, or 2 million barrels per day, from a previous projection of 96.2 million tons.
Kazakhstan, among the world’s 10 biggest oil producers, has persistently exceeded quotas set by OPEC+, an alliance between the Organization of the Petroleum Exporting Countries and other producers led by Russia. KazMunayGaz raised its forecasts for oil output at the country’s largest oilfield, Tengiz, by 900,000. It also revised up expectations for output at Kashagan by 200,000 tons and Karachaganak by 360,000 tons.
U.S. major Chevron embarked in January on a $48 billion expansion of Tengiz, which is one of the world’s deepest and most complex fields due to high sulphur levels and harsh weather conditions.
Output at the field from January to May reached 15.9 million tons, according to KazMunayGaz.
Kazakhstan produced 87.8 million tons last year.
(Reporting by Reuters; Editing by Sharon Singleton)