Kazakhstan’s Energy Ministry lowers oil production forecast for recent years

International Business News  –  Kazakhstan’s Ministry of Energy has proposed to lower its oil production target forecast for the next two years, with 90.5 million tons of oil production planned for 2023 (originally planned to produce 92.6 million tons), oil production forecast for 2024 lowered to 95.4 million tons (originally planned to 98.1 million tons), oil production forecast for 2025 lowered to 103.3 million tons (originally planned 103.2 million tons), and the 2026 oil production forecast was lowered to 99.4 million tons (originally planned 98.8 million tons).

Kazakhstan’s Ministry of Energy said the main reason for this downward revision of forecast production is that the completion date of the Tianjiz field expansion project has been postponed to mid-2024, and the two companies have also adjusted their forecast production for 2023 due to maintenance work on the field in 2022 and the postponement of the start-up date of the Kashagan gas processing plant to early 2025.

In addition, the forecast for production of oil and gas chemicals by 2026 has been revised downward to 913,000 tons from the previous 1.2 million tons. This is because 74% of the planned production of such products comes from two plants: Atyrau Refinery and Petrochemical Industries of Kazakhstan. Due to increased market demand for fuel and lubricants, Atyrau refinery will operate in the medium term in the “fuel” mode, while KIPC will need to reach its design capacity (500,000 tons of polypropylene per year) in stages.

In 2023, Kazakhstan will produce 90.5 million tons of oil and export 71 million tons, and in 2022, Kazakhstan will produce 84.2 million tons of oil and export 64.3 million tons, and in 2021, Kazakhstan will produce 85.7 million tons of oil and export 64.8 million tons, the Minister of Energy Bolat Akchulakov said on December 30, 2022. In 2021, Kazakhstan will produce 85.7 million tons of oil and export 64.8 million tons.