Crisis in Russia makes Kazakhstan cut production

Nov 16, 1998 01:00 AM

Oct. 5, 1998 Oil production at a major oil and gas field in north-western Kazakhstan is down by two-thirds because of Russia's financial crisis.
Production at the Karachaganak field, in which Texaco has a 20 % stake, has been cut from 60,000 bpd to 20,000 bpd, said Texaco vice president Larry Andersen.
"We can't continue to sell product into Russia and not get paid," Andersen said. "That's not real good news, but that's the situation today."
The field's entire oil output is sent to nearby Orenburg in Russia for refining, but other refining options are now being considered, he said.
Karachaganak, located near the Russian border, has an estimated 2.4 bn barrels of oil in recoverable reserves, as well as 16 tcf of recoverable gas.
Over the next 4 years, Texaco plans to spend more than $ 2 bn on the Karachaganak project.

Source: not available
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