Azernews.Az

By Aynur Jafarova

The U.S. Energy Information Administration (EIA) predicts that oil production in Kazakhstan will increase by 40,000 barrels per day (bpd) and amount to 1.65 million bpd in 2014.

According to the latest Short-Term Energy Outlook published by the EIA, the highest level of the country's oil production next year will be observed in the fourth quarter - at 1.68 million bpd.

The EIA also forecasts that Kazakhstan will produce 1.62 million bpd in the first quarter, 1.64 million bpd -in the second quarter and 1.65 million bpd in the third quarter .

Furthermore, the EIA predicts that Kazakhstan will produce 1.61 million bpd of oil in 2013. According to the EIA, this figure remains unchanged from 2012.

The country's oil production will amount to 1.58 million bpd in the fourth quarter of 2013compared to 1.59 million bpd in the third quarter.

Kazakhstan's proven oil reserves stood at 30 billion barrels in early 2013, according to BP.

OPEC predicts Kazakhstan's oil production to increase by 50,000 bpd and hit 1.69 million bpd in 2014.

According to OPEC, in 2014 the highest oil production in the country will be observed in the fourth quarter and stand at 1.78 million bpd. In the first and second quarters of 2014 the production will amount to 1.64 million bpd, in the third quarter - to 1.7 million bpd.

Furthermore, Kazakhstan's oil production will amount to 1.64 million bpd in 2013, which is 50,000 bpd more than in 2012.

The Kazakh Statistics Agency said earlier that production of crude oil increased in Kazakhstan in January-August 2013 compared to the same period of 2012.

Over the mentioned period, oil production, including gas condensate, amounted to 54 million tons, or 3.1 percent higher than over the same period last year.

Kazakhstan's largest hydrocarbon fields are Kashagan, Tengiz and Karachaganak.

Recoverable oil reserves of Kashagan field are estimated at 11 billion barrels, whereas total geological raw material reserves stand at 35 billion barrels. Besides, natural gas reserves are estimated at over 1 trillion cubic meters.

The Tengiz oil field is one of the deepest and largest oil fields in the world. Reserves of the deposit are estimated at 750 million to 1.1 billion tons (6-9 billion barrels) of recoverable oil.

Karachaganak is one of the world's largest fields. Its oil reserves amount to 1.2 billion tons, while those of natural gas are 1.35 trillion cubic meters.