ASTANA, Kazakhstan, March 7. Kazakhstan's Energy Minister Almassadam Satkaliev commented on recent reports regarding the impact of the Tengiz field test launch on OPEC+ quotas, Trend reports.
He noted that the slight increase in production volumes was related to test work being carried out as part of a future expansion project and the management of wellhead pressure at the Tengiz field.
“These works are temporary and are part of the technological process in preparation for the project reaching full capacity, which is planned for the second half of this year,” the minister explained.
Earlier, Kazakhstan confirmed its commitment to its obligations within OPEC+.
The Tengiz oil and gas field is one of the largest in Kazakhstan, with oil reserves of 3.1 billion tons. It is located in Kazakhstan’s Atyrau region. In January-June 2024, 14.4 million tons of oil (114.6 million barrels) were produced at the field, which is 3.4 percent lower than the first half of 2023.
The operator company of the field, Tengizchevroil LLP, is jointly owned by Chevron Corp. (50 percent), ExxonMobil (Kazakhstan Ventures Inc., 25 percent), Kazakhstan through KazMunayGas (20 percent), and Lukoil (5 percent).