Kazakhstan exceeds plan for oil & condensate production

From January through February 2021, the production of oil and condensate in Kazakhstan reached 13.8 million tons, which is 101.1 percent of the plan for two months of this year, Energy Minister Nurlan Nogayev said, presenting information on the current state of the fuel and energy complex in January-February, Report informs referring to Kazakh media.

‘Including large oil and gas companies, the indicators are as follows: for the specified period, Tengizchevroil (TCO) produced 4.3 million tons of oil, which is 104.5 percent of the plan. As for the North Caspian Project – at Kashagan field, oil production amounted to 2.4 million tons, which is 103.4 percent of the plan. At Karachaganak field, the indicators are 2.1 million tons, which is 100 percent of the plan for two months in 2021,’ the minister said.

Nogayev noted that there is a gradual recovery of the world oil market and oil prices.

‘The plan of 86 million tons is expected to be fulfilled. In order to implement this plan, the ministry is carrying out a number of activities. According to the latest negotiations, the commitments of Kazakhstan under OPEC+ have been adjusted from -17 percent to -15 percent. During the reporting period, 10.75 million tons of oil were exported, which is 100 percent of the plan for January-February 2021,’ he summed up.