Azerbaijan, Baku, July 11 / Trend A.Badalova /
Kazakhstan's oil production will increase by 50,000 barrels per day (bpd) to 1.7 million bpd in 2014, OPEC's July Oil Market Report said.
OOEC in its report said that the foreseen growth is supported mainly by the startup of the Kashagan project.
"The first phase of this project, with a peak output of 0.35 million bpd, is expected to add new significant volumes in the second quarter of 2014," the report said.
Output from other fields, according to the report, is expected to remain relatively steady, with only minor declines.
The risk to the outlook for Kazakhstan's oil supply is high, on the possibility of
further delays and technical issues, OPEC believes.
According to OPEC's forecasts, in the first and second quarters of 2014 Kazakhstan's oil output will amount to 1.65 million bpd, in the third quarter - to1.71 million bpd, in the fourth quarter - to 1.79 million bpd.
In 2013, OPEC expects Kazakhstan's oil production to increase by 60,000 bpd to 1.65 million bpd.
According to the OPEC's estimates, Kazakhstan's oil production amounted to 1.68 million bpd in the first quarter of 2013 and to 1.6 million bpd in the second quarter of the year.
In the third quarter of this year OPEC expect country's oil production at 1.64 million bpd, in the fourth quarter - at 1.67 million bpd.
According to BP, Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2013.
The country's oil production, according to BP, amounted to 1.728 million barrels per day in 2012, which is 1.6 percent less than the volume in 2011.
Tengiz and Karachaganag fields are located in Kazakhstan. The Tengiz Field in western Kazakhstan was opened in 1979. It is one of the deepest and largest oil fields in the world. In April 1993, Tengizchevroil was created after the Kazakh government and Chevron signed the agreement. At present, its partners are: Chevron -- 50 percent, KMG -- 20 percent, ExxonMobil -- 25 percent and LukArko -- 5 percent.
The Karachanag Field in north-western Kazakhstan was opened in 1979. It is one of the largest gas condensate deposits in the world. Its estimated initial reserves of hydrocarbons hit 9 billion barrels of condensate and 1.37 trillion cubic meters of gas.
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