[International Oil Price Watch] Kazakhstan Lowers 2024 Oil Production Target

Kazakhstan Lowers 2024 Oil Production Target Dow Jones, October 31, 2024 — On Thursday (October 31), Almasadam Satkaliyev, Kazakhstan’s Minister of Energy, stated that the country will lower its oil production target for this year to 90.3 million tons, due to longer-than-expected operational interruptions at several domestic oilfields caused by maintenance. He did not specify by how much the production target might be reduced, but noted that the large-scale Kashagan oilfield—currently undergoing maintenance—will fully resume operations in one or two days. Satkaliyev added that another giant oilfield, Tengiz, was shut down for approximately 50 days between May and June; part of this shutdown was linked to maintenance work at Russia’s Orenburg Gas Processing Plant, which processes raw materials supplied by Kazakhstan. Additionally, the Ministry of Energy stated that production at the Kashagan oilfield has already resumed and will be fully restored on November 1.

Tengiz Oilfield Makes a Strong Comeback, Propelling Kazakhstan’s April Oil and Gas Output to New Heights

Industry insiders revealed on Monday that Kazakhstan’s total output of oil and natural gas condensate surged significantly in April compared with March, driven primarily by coordinated production increases across several major oilfields. As a globally significant energy supplier, fluctuations in Kazakhstan’s output continue to draw close market attention. Data show that Kazakhstan’s combined oil and gas output rose from roughly 1.87 million barrels per day previously to 2.17 million barrels per day in April—a month-on-month increase of 16 percent. The core driver behind this growth was the country’s largest oilfield, Tengiz, whose output jumped 39 percent last month to approximately 973,000 barrels per day—accounting for nearly the majority of the overall gain. Tengiz’s robust recovery is especially noteworthy. In January, the oilfield suffered a noticeable impact from a large-scale power outage, causing operational disruptions and a temporary decline in oil production. This recent output surge indicates that operations have largely recovered from that incident and are now reactivating their full production potential. Located near the Caspian Sea, the giant Tengiz oilfield is operated by Tengizchevroil. Its shareholder structure reflects diverse international cooperation: Chevron holds a 50 percent stake, ExxonMobil holds 25 percent, KazMunayGas (Kazakhstan’s national oil and gas company) holds 20 percent, and Lukoil holds 5 percent.

Kazakhstan Restores Oil Output After Incident at Largest Field, Minister Says

Jun 1, 2026

Kazakhstan restored oil production to 290,000 metric tons daily following a disruption at the Chevron-led Tengiz field. National output recovered to approximately 2.175 million barrels per day by May 31 after the incident caused temporary losses.

reuters

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