Kazakhstan produced 6.7 mm tonnes oil in Q1

Jul 06, 1999 02:00 AM

Kazakhstan managed to produce 6.7 mm tonnes of oil in the first quarter of the year despite production declines by foreign oil companies.
Kazakhstan's first quarter production amounted to 94.9 % of the forecast even though foreign oil firms 'steadily decreased the level of their hydrocarbons production,' which is 'directly dependent on competitive world oil prices,' Interfax quoted the state statistics agency as saying.
The output of Kazakhoil, Kazakhstan's state oil concern, for the first quarter production was slightly higher than planned at 1.25 mm tonnes, Interfax said.
The giant oil field Tengizchevroil, a joint venture with Kazakhoil led by Chevron and Mobil, saw its output decline from 13,900 tonnes for the first quarter of 1998 to 12,400 tonnes for the first three months of this year.
In February, Kazakhstan cut off its oil shipments to Azerbaijan as a result of a price row over transport tariffs after Tengizchevroil asked Baku to lower tariffs in light of low world oil prices. The shipments have since resumed.
The resource-rich Central Asian republic relies heavily on revenue from oil exports and has seen its economy suffer in large part from the drop in world oil prices.

Source: BBC via Iinoil
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