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Kazakhstan to change oil output forecast for 2024 due to repairs at Kashagan

"The final figure for oil production will depend on the duration of these repairs," Kazakh Minister of Energy Almasadam Satkaliyev said

ASTANA, October 8. /TASS/. The authorities of Kazakhstan are going to adjust the oil production forecast for the current year due to repairs at the Kashagan field, the Minister of Energy of Kazakhstan Almasadam Satkaliyev announced at a briefing.

"Yes, the forecast has been adjusted due to the repairs that we are currently carrying out at Kashagan. The final figure for oil production will depend on the duration of these repairs," he said.

In 2023, oil production in Kazakhstan amounted to 90 mln tons. In 2024, Kazakhstan planned to produce 90.3 mln tons of oil.

Earlier, the Ministry of Energy reported that the repair work at the Kashagan oil and gas field would begin on October 7 and last for 30 calendar days.

According to the ministry, Kazakhstan intends to compensate for a significant volume of oil overproduction during repairs at Kashagan, when a significant reduction in production is planned. Earlier in July, the ministry said that following the decision of the 37th OPEC+ Ministerial Meeting, Kazakhstan had prepared a detailed compensation plan, according to which it would gradually compensate for the overproduction in the first half of the year until September 2025. Previously, Kazakhstan had extended its voluntary commitments to reduce oil production within OPEC+ until the end of 2025.

On October 2, the Joint Ministerial Monitoring Committee reviewed crude oil production data for July and August 2024. During the meeting, Iraq, Kazakhstan, and Russia confirmed that they had fully met their obligations under the compensation plans submitted in September.

The Kashagan field is considered one of the largest oil and gas fields discovered in recent decades. Its recoverable reserves are estimated by experts to be between 9 bln and 13 bln barrels of oil. Commercial production at Kashagan began in the fall of 2016.

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