Kazakhstan plans to up oil output in 2017
Kazakhstan plans to increase oil and gas condensate production to 81 million tons in 2017, Kazakh Energy Ministry said on its website.
Oil and gas condensate production hit 78 million tons in 2016, according to the ministry.
The ministry says Kazakhstan has cut its oil production by 20,000 barrels per day since Jan. 1 to fulfill its commitments within the output cut deal with OPEC and non-OPEC producers.
However it is early to talk about oil production cut in 2H 2017, the ministry said.
Oil output reduction resulted from production cut at two fields in Aktobe and Kyzylorda regions, according to the ministry.
Earlier, Kazakh Energy Ministry noted that oil production would be reduced from the November 2016 level when Kashagan field reached a commercial production level and the country increased output to 1.7 million barrels.
Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2015, according to BP’s Statistical Review of World Energy.
Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan.