Kazakhstan’s crude oil and gas condensate output fall by 3.4% year on year in January-July 2016
In July 2016 crude oil and condensate went down by 0.9% year-on-year.
In the first seven months of 2016 Kazakhstan produced 45.41m tonnes of oil and gas condensate, 3.4% down year on year. In particular, oil production stood at 38.48m or 2.3% less year on year, while gas condensate output fell by 7.8% year on year to 6.94m tonnes.
In July total oil and gas condensate output fell by 0.9% year on year to 6.62m tonnes, including oil production fell by 2.1% to 5.5m tonnes and gas condensate production fell by 5.2% to 1.12m tonnes.
The main producing regions are Atyrau Region and Mangistau Region – 19.76m tonnes and 10.52m tonnes in January-July 2016. Kyzylorda Region recorded the greatest decrease in oil output (by 0.73m tonnes), while Atyrau Region posted the highest increase (by 0.32m tonnes). As for gas condensate, West Kazakhstan Region posted the largest decrease (by 0.56m tonnes), while Zhambyl Region and Mangistau Region recorded small growth.
Significant positive changes in the production of fluid hydrocarbons in Kazakhstan could be expected after the planned resumption of production in the Kashagan field in the first quarter of this year. At the same time, the sector is continuing to feel pressure from the unfavourable price situation, which, among other things, limits investment potential and reduces the profitability of oil projects.