MOSCOW (Reuters) – Oil production in Kazakhstan reached a daily record high of 278,499 metric tons on Sunday just after it embarked on an expansion of its largest oilfield, Chevron-led Tengiz, according to official data.
Kazakhstan – which relies on Tengiz and two other major fields, Karachaganak and Kashagan, for most of its production – is subject to output targets as a member of OPEC+, an alliance of OPEC and other top producers led by Russia
OPEC+ has named top 10 global oil producer Kazakhstan along with Iraq and Russia as countries that have repeatedly failed to comply with pledges to curb oil production.
Sunday’s record high Kazakh output equates to around 2 million barrels per day (bpd) if a barrels per ton ratio of 7.5 is applied.
According to the Situational and Analytical Center for the Fuel and Energy Complex, this was 10.5% more than on the same day of 2024.
The expansion at Tengiz is expected to reach full capacity of 260,000 bpd by June, lifting overall production at the project to around 1 million barrels of oil equivalent per day.
Tengiz is one of the world’s deepest and most complex fields due to high levels of sulphur and harsh weather conditions.
Kazakhstan plans to boost its oil and gas condensate production this year to 96.2 million tons from 87.56 million tons in 2024.
(Reporting by Reuters; Editing by Mark Potter)
Source: finance.yahoo.com