Kazakhstan has set a historical record for average daily oil production, said Situational and Analytical Center for the Fuel and Energy Complex under the Ministry of Energy of the Republic of Kazakhstan, News.az reports.
Tengizchevroil reported first oil production under the FGP at the Tengiz oil and gas field on January 24, 2025.
The start of the 3GP marked a gradual increase in production at the Tengiz field in the coming months, which is planned to reach 12 million tons per year.
Once all production facilities are operating at full capacity, total crude oil production is expected to be approximately 40 million tons per year, which will provide additional income to Kazakhstan through taxes, royalties and other direct financial payments.
According to Chevron, oil production at the Tengiz field will increase by 24.8% in 2025 compared to 2024 levels, to 34.7 million tons from 27.8 million tons (2024 level).
Let us recall that Kazakhstan intends to produce a total of 96.2 million tons of oil in the country by the end of 2025 (compared to 87.8 million tons in 2024).
Earlier, Kazakhstan postponed the deadline for compensating for excess oil production under the OPEC+ deal.
According to the Ministry of Energy, the compensation period for overproduced volumes has been extended until the end of June 2026.
Recall that the previous plan for compensating for accumulated excess oil production assumed implementation by September 2025
Tengizchevroil reported first oil production under the FGP at the Tengiz oil and gas field on January 24, 2025.
The start of the 3GP marked a gradual increase in production at the Tengiz field in the coming months, which is planned to reach 12 million tons per year.
Once all production facilities are operating at full capacity, total crude oil production is expected to be approximately 40 million tons per year, which will provide additional income to Kazakhstan through taxes, royalties and other direct financial payments.
According to Chevron, oil production at the Tengiz field will increase by 24.8% in 2025 compared to 2024 levels, to 34.7 million tons from 27.8 million tons (2024 level).
Let us recall that Kazakhstan intends to produce a total of 96.2 million tons of oil in the country by the end of 2025 (compared to 87.8 million tons in 2024).
Earlier, Kazakhstan postponed the deadline for compensating for excess oil production under the OPEC+ deal.
According to the Ministry of Energy, the compensation period for overproduced volumes has been extended until the end of June 2026.
Recall that the previous plan for compensating for accumulated excess oil production assumed implementation by September 2025
