KPO has reduced the volume of oil production in the first quarter

The volume of oil production at Karachaganak field decreased by 4.9%, indicates JSC NC KazMunayGas (KMG) in its quarterly report.

According to the company, the volume of oil and gas condensate production of KMG in the first quarter of 2019 exceeded 5.9 million tons of oil, which is 1.3% higher than in the first quarter of 2018. The volume of the associated petroleum and natural gas production increased by 4.7% and amounted to 2,173 million cubic meters.

The volume of oil production at Kashagan field in the first quarter of 2019 increased by 25% in comparison with the first quarter of 2018 and amounted to 3 million 583 thousand tons of oil or 316 thousand barrels per day. Of these, the share of KMG amounted to 297 thousand tons of oil and 182 million cubic meters of gas, which is 25% and 31.7% higher than in the first quarter of last year, respectively.

“The increase in the oil production is associated with the planned increase in the level of production in the framework of the field development experimental program. The operator stopped the Kashagan field for scheduled overhaul from April 14 to May 19, 2019,” KMG reports.

Meanwhile, the volume of oil production at Kashagan decreased by 4.9% and amounted to 271 thousand tons for the share of KMG. Gas production amounted to 271 million cubic meters, which is equivalent to the figure for the first quarter of 2018. As explained, the reduction of oil and condensate is connected with an increase in the GOR and the water encroachment.

The share of KMG oil in the volume of production atTengiz amounted to 1 million 521 thousand, which is 2.4% higher than in the first quarter of 2018. Gas production increased by 1.7% and amounted to 829 million cubic meters. The increase in production was carried out in accordance with the production plan.

In the volume of production of operating assets, the share of the national company decreased by 0.1% and amounted to 3 million 851 thousand tons. The decline in production volumes at operating assets is mainly due to an increase in the natural decline in production.

Фото: bnews.kz