Kazakhstan is set to augment its oil supplies through the CPC pipeline by 12% in March compared with the previous month, indicating a boost in the country’s oil production.
The Energy Ministry of Kazakhstan has projected exports will reach 6.7 million tonnes (mt) in March from 5.4mt in February, despite commitments to an OPEC+ production-curbing deal, reported Reuters.
The anticipated increase in exports equates to approximately 1.71 million barrels per day (mbbl/d) of crude oil and gas condensate.
This rise comes as Kazakhstan frequently exceeds the production quotas set by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies, including Russia.
Kazakhstan has repeatedly exceeded its 1.468mbbl/d output quota under the OPEC+ production limits. The country has committed to balancing its overproduction by reducing output in the future.
The anticipated surge in March exports is primarily attributed to the Tengiz field, Kazakhstan’s largest oilfield, operated by Chevron.
The field’s production climbed to 904,000 barrels per day (bpd) in February from 640,000bpd in January, following maintenance completion and an expansion programme.
Overall, Kazakhstan’s daily oil and condensate output in February was 287,000 tonnes, or 2.15mbbl/d, with the Tengiz field contributing approximately 900,000bpd.
The Energy Ministry did not specify the breakdown between crude oil and gas condensate production, the latter being exempt from the OPEC+ agreement.
The CPC pipeline, managed by the Caspian Pipeline Consortium, also transports oil from Russian fields. The total export plan, including Russia’s oil, was approximately 6mt in February, or around 1.69mbbl/d.
Following an attack on the Kropotkinskaya pumping station, it remains uncertain whether Russian oil supplies to the CPC pipeline will persist in March. Russia had previously indicated that the CPC’s flow could diminish by 30–40% due to the incident.
However, Kazakhstan’s Energy Ministry assured that exports via the CPC pipeline and the Black Sea terminal had not been disrupted and were adhering to the schedules, with no redirection of CPC oil flows planned.
The Caspian pipeline, a critical conduit for more than 1% of the daily global oil supply, spans more than 1,500km.
Shareholders in the CPC include Chevron, ExxonMobil, the Russian state, Russian company Lukoil and the Kazakh state-owned KazMunayGas.
