Kazakhstan’s Tengiz oilfield, operated by Chevron, has reached a record output in October, potentially complicating adherence to its Organization of the Petroleum Exporting Countries (OPEC+) production quota, reported Reuters, citing sources.
The field’s daily production increased from 687,000bpd in September to 699,000bpd in October, the sources told the publication.
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Kazakhstan’s oil production quota under the OPEC+ agreement is 1.47 million barrels per day, which was exceeded by approximately 170,000bpd in September.
The country is expected to meet its quota for October due to the planned maintenance shutdown of the Kashagan field, even though overall production data for October has not yet been released.
Tengizchevroil, the field’s operator, confirmed that its operations are proceeding as usual, despite having invested more than $70bn since the project began in 1993.
The consortium running Tengiz includes Chevron with a 50% stake, ExxonMobil with 25%, KazMunayGaz holding 20% and Russia’s Lukoil with the remaining 5%.
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By GlobalDataThe Kazakh Energy Ministry has yet to comment on the country’s oil production plans for the coming years.
Chevron and its partners have plans to further expand the Tengiz project, aiming to reach 850,000bpd in H1 2025, with expansion costs estimated at around $49bn.
OPEC+ is expected to release its estimates of member countries’ September oil output in the coming week.
Sources also stated that Saudi Arabia, the group’s leader, has emphasised the importance of adherence to quotas as OPEC+ prepares to increase oil supply, starting in December.
