Kazakhstan reduces oil and gas condensate output by 4.4% to 32.4m tonnes in January-May 2016
In May 2016 oil and gas condensate production fell by 10.8% year on year to 6.2m tonnes.
The output of oil and gas condensate decreased by 4.4% year on year to 32.38m tonnes in Kazakhstan in January-May 2016. Out of total oil output stood at 27.67m tonnes (down by 2.8% year on year) and gas condensate production was 4.71m tonnes (a 13.4% decrease year on year).
In May oil and gas condensate output fell by 10.8% year on year to 6.17m tonnes, the lowest monthly figure since September 2014. Oil production fell by 5% year on year to 5.53m tonnes and gas condensate output decreased by 41.5% year on year to 635,500 tonnes in May.
Oil and gas condensate output fell to a certain extent in all oil-producing regions, except for Atyrau and Zhambyl Regions. In this context the reduction in oil output was remarkable in Kyzylorda and West Kazakhstan Regions – by 508,500 and 717,400 tonnes respectively, while Atyrau Region increased oil output by 194,200 tonnes. The downward trend was a result of fall in the flow rate in old fields as the profitability of commercial production decreased in some of the fields and cuts in oil companies’ investment programmes. Kazakhstan is pinning great hopes for sustainable recovery in oil and gas production on the relaunch of commercial production on the North Caspian project (in the Kashagan field) which is expected in the fourth quarter of 2016.