• 3 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 7 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 13 hours Conflicting News Spurs Doubt On Aramco IPO
  • 14 hours Exxon Starts Production At New Refinery In Texas
  • 15 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 8 days Chinese Teapots Create $5B JV To Compete With State Firms
Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Kurdistan authorities have accused the…

Who Are The Biggest Buyers Of U.S. Oil?

Who Are The Biggest Buyers Of U.S. Oil?

Exports of U.S. petroleum and…

Kazakhstan’s Oil Industry Back on Track as Kashagan Field Begins Producing Again

On the 11th of September, after nearly 13 years, and around $50 billion of investment, the North Caspian Operating Company finally began production at the high-pressure oilfield in Kazakhstan known as the Kashagan oil field.

Then, on the 25th of September, the consortium in charge of developing and operating the largest discovery in the world over the past few decades, had to stop all work after a natural gas leak was detected.

On Monday, the Kazakh Oil and Gas Ministry announced that production had restarted on the 6th of October, and that they hoped to quickly get back on track to meeting its original output targets. Uzakbai Karabalin, the Oil and Gas Minister, said that before the gas leak was detected the field was managing a daily output of 48,000 barrels of oil, and was on course to achieve a production level of 75,000 barrels of oil a day by October.

Related article: After Years of Delay Giant Kashagan Oil Field Ready to Begin Producing Oil

The North Caspian Operating Company insisted that whilst dealing with the accidental leak, “all operations were conducted under strict procedures and in line with national and international safety rules.”

Kazakhstan’s oil output is predicted to reach 82 million tonnes this year, up from 79.2 million tonnes in 2012; and with other large fields coming online in the near future they believe that they should easily produce 110 million tonnes by 2030.

The Kashagan field and its 35 billion barrels of crude oil, of which between 9 billion and 13 billion are deemed economically recoverable, is vital to the country’s emergence as an important oil producer in the global market.

The Kashagan oil field is part owned by KazMunaiGas (the Kazakh state-owned oil company), Eni, ExxonMobil, Royal Dutch Shell, and Total, each with a 16.81 percent stake; Inpex with a 7.56% stake; and just recently CNPC bought an 8.33% stake for $5 billion.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News