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Astana, Kazakhstan • 17 January, 2024 | 09:14
2 min read

Kazakhstan Aims for 90.3 Million Tons of Oil Production in 2024 Despite Setbacks

In 2023, the country produced 90 million tons, according to the Ministry of Energy

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In 2024, Kazakhstan plans to produce 90.3 million tons of oil, QazMonitor reports citing the press service of the Ministry of Energy.

During a briefing following a government meeting, Minister Almassadam Satkaliev stated that in 2023, Kazakhstan had "produced about 90 million tons of oil." He explained, "We initially planned the volume of oil production to be 92-93 million tons. However, due to prolonged repairs at major oil and gas-producing enterprises and the necessity to replace equipment, we ended up producing about 90 million tons. Additionally, we actively collaborated with oil industry participants to voluntarily reduce production volumes in line with our OPEC+ commitments. These voluntary commitments involve consultations with the owners of enterprises. Despite these adjustments, we have no issues with the oil and gas industry, and the pace of growth, along with the implementation of major projects like expansion, production, and drilling of new wells, is proceeding according to established plans."

Satkaliev added that around 18 million tons of oil were supplied to the domestic market in 2023, with the remaining volumes being exported. Of the exported volumes, approximately 56 million tons went through the Caspian Pipeline Consortium.

To recap, on November 27, 2023, the CPC suspended oil transshipment at the marine terminal due to adverse weather conditions. The area around Novorossiysk experienced wind speeds of up to 22-24 m/s (79.2-86.4 km/h) and wave heights of 6-8 meters.

On November 28, Energy Minister Advisor Shyngys Ilyasov reported a reduction in daily oil production at the Tengiz field to 39 thousand tons. Subsequently, on November 29, the agency announced that daily production at KPO decreased by 34%, from 36 to 23.8 thousand tons. Similar declines were observed at Tengizchevroil (67%, from 83.4 to 27.2 thousand tons) and NCOC (65%, from 54 to 18.6 thousand tons). Ilyasov explained, "At present, there is a 56% decrease in production at the large fields of the country."

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