By the end of 2024, oil and gas condensate production in Kazakhstan amounted to 87.7 million tons against a target of 90.3 million tons, or 97.1%. This information was presented in the report by Minister Almasadam Satkaliev during the expanded board meeting of the Ministry of Energy on "Results of 2024 and Tasks for 2025," as reported by a correspondent from the Kapital.kz business information center.
The decrease in production is attributed to capital repairs at Tengiz and Kashagan, unscheduled shutdowns at the Karachaganak field, restrictions on gas intake by the Orenburg gas processing plant, and commitments under the OPEC+ agreement.
"Last year, work was completed at Karachaganak on the introduction of the fifth gas reinjection compressor. In September 2024, Tengizchevroil completed work on the wellhead pressure management project," the report states.
For 2025, the oil and gas condensate production plan is set at 96.2 million tons.
"The main increase in production is planned through the implementation of the Future Expansion Project of the Tengiz field, with the launch scheduled for the second quarter of 2025. Investments in the project in 2025 will amount to approximately 598 million dollars. Work continues at Karachaganak on PRK-1B – the introduction of the sixth gas reinjection compressor, which will maintain production at a level of 11-12 million tons per year. Investments in this project in 2025 will be around 140 million dollars," the document notes.
For the "Kalamskas-sea" and "Khazar" projects, it is planned to complete the FEED design and conduct tenders for EPC in 2025. The peak oil production at the field is expected to reach 4 million tons. A total of 6.6 billion dollars will be invested in the project.
According to the results of 2024, oil exports amounted to 68.6 million tons, including: through the CPC pipeline – 54.9 million tons; through the Atyrau – Samara pipeline – 8.8 million tons; Atasu – Alashankou – 1.2 million tons; via the port of Aktau – 3.6 million tons; railway transportation – 0.05 million tons. The export plan for Kazakh oil in 2025 is set at 70.5 million tons.
Earlier, President Kassym-Jomart Tokayev instructed the government to intensify negotiations regarding the extension of the production sharing agreements (PSA) on updated, favorable terms for the country. Prime Minister Olzhas Bektanov stated that Kazakhstan plans to produce shale oil.
It should be noted that on January 24, 2025, under the Future Expansion Project (PBP), Tengizchevroil LLP (TCO) began crude oil production at the new third-generation plant (ZTP) at the Tengiz field. In the coming months, TCO plans to increase the total crude oil production at Tengiz by an additional 12 million tons per year. Once all production facilities reach full capacity, the total crude oil production is expected to reach approximately 40 million tons per year.