• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 6 hours Alberta govt to construct another WCS processing refinery
  • 6 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 7 hours Let's Just Block the Sun, Shall We?
  • 8 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 5 hours Water. The new oil?
  • 1 day Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days OPEC Cuts Deep to Save Cartel
  • 6 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 2 days $867 billion farm bill passed
  • 2 days Global Economy-Bad Days Are coming
Saudi Arabia Can Outwait The Khashoggi Crisis

Saudi Arabia Can Outwait The Khashoggi Crisis

Turkey has ramped up the…

Chinese-Venezuelan Joint Venture Doubles Oil Production

Chinese-Venezuelan Joint Venture Doubles Oil Production

A joint venture between troubled…

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