Kazakhstan reduces manufacturing of oil and condensate by 1.4%

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NUR-SULTAN, Kazakhstan – Oil and condensate manufacturing decreased by 1.4% in seven months of 2020, Kazakhstan’s Energy Minister Nurlan Nogayev advised a authorities assembly on August 11.

“Production of oil and condensate amounted to 51.5 million tonnes in the first seven months of this year. This is 1.4% lower compared to the same indicator in 2019,” the top of vitality ministry mentioned.

According to Nogayev, oil exports amounted to 42 million tonnes – a rise of 0.4%. Gas manufacturing for seven months of this 12 months amounted to 33.Four billion cubic metres – a rise of 1% in comparison with the identical interval final 12 months, Nogayev added.

Earlier, Kazakhstan Prime Minister Askar Mamin mentioned the decline in oil manufacturing is defined by the necessity to fulfill the agreements reached by OPEC+.

Meanwhile, US-Kazakh three way partnership TengizChevroil (TCO) mentioned on August 11 crude manufacturing within the first half of 2020 was 14.26 million metric tonnes (112.51 million barrels). In 2019, crude manufacturing was 28.6 million metric tonnes. “In the first half 2020, TCO sold over 725,000 metric tonnes of LPG, 3.9 billion cubic metres of dry gas and over 1.3 million tonnes of sulfur,” the press service of TengizChevroil mentioned.

According to firm, within the first half of 2020, direct funds to Kazakhstan totaled $3.9 billion. In 1H 2020, TCO spent $2 billion on Kazakh items and companies, together with $1.Four billion for FGP (future rising challenge). TCO has invested greater than $34.9 billion on Kazakh items and companies since 1993.

“From 1993 through 1H 2020, TCO made direct financial payments of over $150 billion to Kazakhstani entities,” the press service added.

Tengiz, the world’s deepest producing tremendous large oil discipline, was found in 1979. The Tengizchevroil (TCO) partnership was fashioned on April 6, 1993, between Kazakhstan and Chevron. Current companions are Chevron, 50%; KazMunayGas, 20%; ExxonMobil Kazakhstan Ventures, 25%; LukArco, 5%. Estimated oil in place within the Tengiz discipline is 3.2 billion metric tonnes (25.5 billion barrels) with 200 million metric tonnes (1.6 billion barrels) within the Korolev discipline.

Total recoverable crude oil within the Tengiz and Korolev fields is estimated to be 890 million to 1.37 billion metric tonnes (7.1 to 10.9 billion barrels). The areal extent of the Tengiz reservoir is massive, measuring 20 kilometres by 21 kilometres.

TCO accomplished its Sour Gas Injection and Second-Generation Plant (SGI/SGP) growth challenge in 2008, which introduced day by day manufacturing capability to approximately 75,000 metric tonnes per day (600,000 barrels) of crude oil and 22 million cubic metres per day (750 mmscf) of pure gasoline.