Kazakhstan's oil production in 2024 is expected to reach 87.8 million tons, indicating a decrease, and this reduction in forecasted production is due to a number of factors, BMG reports.
At a meeting of the Government of Kazakhstan Republic, Minister of Energy Almassadam Satkaliyev presented a report.
"During the indicated period, the total production of oil and condensate amounted to 80.5 million tons, or 98 percent of the same period last year (82.2 million tons), including production by major oil and gas companies: Tengiz produced 25.9 million tons of oil, accounting for 97.9 percent of the same period last year (26.5 million tons). At Kashagan, oil production amounted to 15.8 million tons, or 92.8 percent of the same period last year (17.1 million tons). The Karachaganak project produced 11.1 million tons, or 100.9 percent of the same period last year (11 million tons)," noted the minister.
Major repairs at large fields in 2024 influenced the decrease in production compared to last year. Due to the planned launch of the Future Expansion Project at Tengiz, repairs took place in May and August, spanning a total of 50 days.
To note, the shortfall in production has affected oil exports. During the reporting period, Kazakhstan exported 63.2 million tons of oil, representing 98.3 percent of the same period last year (64.3 million tons). Kazakhstan remains committed to fulfilling its obligations under the OPEC+ agreement.
