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Wednesday 9 September 2020

Tengiz Output Drops 100,000 b/d in Q2, 12% on Year

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LONDON (S&P Global) — Crude production from Kazakhstan’s highest-producing oil field, Tengiz, dropped 12% on the year in the second quarter to 570,000 b/d, figures from the Chevron-led operating consortium showed September 9, reflecting the country’s adherence to OPEC+ production cuts.

Tengiz produced almost 100,000 b/d less in Q2 than it did in Q1, the update statement showed, as OPEC+ production cuts kicked in May, with Kazakhstan tightening its adherence in June.

Kazakhstan has complied more closely with the current OPEC+ agreement aimed at stabilizing markets in the wake of the coronavirus price collapse than it did with previous agreements, according to organizations monitoring the agreement. The latest Platts survey published September 9 showed Kazakhstan over-complied in August, with total crude output of 1.35 mln b/d.

In emailed comments, Chevron said a coronavirus outbreak among Tengiz workers continued to have no impact on production, but the operator was adhering with output cut instructions relating to Kazakhstan’s commitments under the OPEC+ agreement.

It added it still aimed to meet the timeline for a $45.2 bln expansion project that should lift output to around 850,000 b/d of crude and 1 mln barrels of oil equivalent overall, despite the impact of coronavirus and measures implemented to limit the spread of the disease. Workers at the site on the eastern shores of the Caspian Sea are now being remobilized, with quarantine and other measures in place, the Tengizchevroil consortium said.

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