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Thursday 14 November 2019

Kashagan Output Surges to 422,000 b/d in Q3


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LONDON (S&P Global Platts) – Kazakhstan’s giant Kashagan field hit a record-high crude output level of 400,000 b/d in early September, with oil output including natural gas liquids averaging 422,000 b/d in the third quarter, Italy’s Eni said Thursday, fuelling expectations of an export surge to come.

The increase was achieved through the conversion of an additional well to injection operations to support output, following a major maintenance shutdown earlier in the year.

Overall production at Kashagan, including crude, gas and natural gas liquids, had averaged 503,000 b/d of oil equivalent in the third quarter.

A provisional loading program suggested CPC crude exports from Novorossiisk, mainly comprised of Kazakh crude, are set to reach a record 1.5 mln b/d in December, after a recent reduction resulting from maintenance at various Kazakh fields.

Kazakhstan is a party to production cuts agreed between OPEC, Russia and other producers, but its largest fields and the CPC blend are not thought to be affected by the commitment, with mature fields bearing the brunt of any cuts.

Separately, the consortium at Kashagan decided last month not to go ahead with a potential satellite project in the Caspian Sea known as Kalamkas. “The decision is driven by the challenged economics of the project”, a spokeswoman for the North Caspian Operating Company told Platts, adding it had no impact on the Kashagan project itself.

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