Kazakhstan oil output jumps 16% in April on Tengiz recovery

SEATTLE (Oil Monster):  Kazakhstan increased oil and gas condensate production by 16% in April from March as output ramped up at major fields, a source familiar with the data told Reuters on Monday. Total production rose to 2.17 million barrels per day in April from 1.87 million bpd in March.

The increase was driven mainly by higher output at Tengiz, the country’s largest oilfield, where production jumped 39% to 973,000 bpd. Tengiz has recovered from a major power outage reported in January at the field near the Caspian Sea in western Kazakhstan.

The field is operated by Tengizchevroil, a venture half-owned by Chevron (NYSE:CVX). Exxon Mobil (NYSE:XOM) owns 25%, KazMunayGaz 20% and Russia’s Lukoil 5%.

Output at the Kashagan field rose 9% in April to 414,000 bpd, while production at another major field, Karachaganak, increased 6% to 250,600 bpd. The energy ministry and operators of the major fields did not reply to requests for comment.

Excluding gas condensate, crude oil production climbed to 1.93 million bpd in April from 1.64 million bpd in March. That is well above Kazakhstan’s OPEC+ quota of 1.579 million bpd for April. Kazakhstan accounts for more than 2% of global oil output.

Courtesy: www.reuters.com