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- Tengiz output has recovered to about 550,000 bpd, sources say
- Full recovery expected by February 23
- Kazakhstan’s overall oil production on the rise
- January fires at power facilities caused prolonged shutdown
- Kazakhstan’s oil exports declined due to Tengiz outage
MOSCOW, Feb 9 (Reuters) – The giant Chevron-led (CVX.N) Tengiz field in Kazakhstan has recovered to around 60% of peak production and aims to reach full output by February 23, two industry sources told Reuters on Monday.
This has led to an overall increase of oil and gas condensate production in Kazakhstan, the world’s 12th largest oil producer, to 1.6 million barrels per day in the week February 1-8, from 1.27 million bpd on average in January.
Tengiz, which accounts for around 40% of Kazakhstan’s total oil output, was shut for much of last month after fires hit its power facilities on January 18. Kazakhstan is investigating the incidents.
U.S. oil major Chevron leads the Tengizchevroil (TCO) consortium that operates the largest of Kazakhstan’s oilfields, which is located on the northeastern shores of the Caspian Sea.
The sources familiar with production data said Tengiz produced around 70,000 metric tons, or 550,000 barrels, of oil on February 8.
The sources, who declined to be named because they were not authorised to speak to the press, said the field is seen reaching its peak levels of daily production of 120,000 tons, or some 950,000 bpd, by February 23.
TCO and Kazakhstan’s energy ministry did not immediately reply to a request for comment.
A steep reduction in output at Tengiz has contributed to a fall in Kazakhstan’s oil exports, especially via its main exporting gateway, the Caspian Pipeline Consortium (CPC), which crosses into Russia en route to the Black Sea.
The industry sources said CPC oil exports could drop from the preliminary schedule of about 1.7 million barrels per day (bpd) to around 1.1 million bpd this month.
January CPC Blend oil loadings fell to just 880,000 bpd, nearly half of the initial plan, the sources have said.
Reporting by Reuters; Editing by Alexander Smith
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