28 Nov 2023 13:29

Oil output at Kazakhstan's largest fields falls 56% - Energy Ministry

ASTANA. Nov 28 (Interfax) - Oil production at Kazakhstan's largest fields has fallen 56%, Shyngys Ilyasov, adviser to the country's energy minister, said in a statement.

"The reduction in production is currently 56% at the country's largest fields," Ilyasov told reporters on Tuesday.

The largest oil and gas fields in Kazakhstan are Tengiz, Kashagan, and Karachaganak.

A decrease in production is expected in the near future.

"The Ministry of Energy of Kazakhstan does not have data on how long it will take for the situation to return to normal. In the near future, the reduction and adjustment of production will remain at current levels," Ilyasov said.

The Caspian Pipeline Consortium (CPC) yesterday suspended oil loading at the sea terminal due to inclement weather conditions; oil intake into the system is limited. The company announced that the tank farms are almost full. In this regard, oil is coming in from shippers at reduced rates.

The CPC connects the oil fields of western Kazakhstan and Russian fields on the Caspian shelf with the marine terminal in Novorossiysk. CPC is currently the main export route for Kazakh oil.

The shareholders of CPC are: the Russian Federation (24% managed by Transneft, 7% on the balance sheet) - 31%; Kazakhstan (represented by KazMunayGas - 19% and Kazakhstan Pipeline Ventures LLC - 1.75%) - 20.75%; Chevron Caspian Pipeline Consortium Company - 15%; LUKOIL International GmbH - 12.5%; Mobil Caspian Pipeline Company - 7.5%; Rosneft-Shell Caspian Ventures Limited - 7.5%; BG Overseas Holding Limited - 2%; Eni International N.A. N.V. - 2%, and Oryx Caspian Pipeline LLC - 1.75%.