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Kazakh oil field massively exceeds expectations in 2018

14/12/2018
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Production at the Kashagan oil field in the Kazakh part of the Caspian shelf reached 12 million tons over 11 months - 120.6% of what was originally planned.

The Kashagan oil field - the largest offshore field in the world - is expected to produce 13 million tons of oil in 2018
(Image via AP)

Kazakhstan’s Energy Minister Kanat Bozumbayev announced the findings in a government meeting, explaining that this result showed the expected oil production volume for 2018 could reach 13 million tons.

“If 12 million tons are divided by 11 months, and then multiplied by 12, the figure is clear - 13 million tons.”

This is a significant increase on last year, where the Kashagan field produced just 8.35 million tons of oil.

Kashagan is the biggest offshore oil field in the world, and the biggest field of any kind discovered in the last 40 years. Commercial mining began on 1st November 2016, with the project operator estimating total oil reserves at 38 billion barrels - or 6 billion tons - of which around 10 billion barrels were recoverable. It’s also thought to hold over a trillion barrels of natural gas reserves.

The energy minister also disclosed figures for two other major Kazakh projects over the last 11 months. The onshore field Tengiz, on the Caspian coast, delivered 25.9 million tons - 103.3% of estimations. And the Karachaganak gas field in the far northwest produced 11.1 million tons - 101.5% of the planned output.

“In general, the volume of oil and condensate production in Kazakhstan for 11 months amounted to about 82.4 million tons, showing an increase of 4.9% for the corresponding period of 2017 and 3.8% for the plan for 11 months of the current year.

“The growth of gas production compared to January-November 2017 amounted to 4.8%, or 6.1% more than the plan for 11 months of the current year.”

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Tags: Oil & Gas
Recent Comments
Great news. Was a contributor in Kashagan project. Worked as Project Quality Manager with Rosetti Marino Spa.
Vinod R Menon, 17 December 2018
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Kazakh oil field massively exceeds expectations in 2018 - Time to read 2 min
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