EIA estimates Kazakhstan may hold 30 billion barrels of oil

Oct 30, 2013 12:00 AM

Kazakhstan may hold 30 billion barrels of proven oil reserves - nearly half of which are located in the Kashagan field in the Caspian Sea, according to the U.S. Energy Information Administration.

The Kashagan field has the fifth-largest oilfield volume in the world, and is estimated to hold 13 billion barrels of oil, the EIA said. The agency, which is part of the U.S. Department of Energy, updated its assessment of Kazakhstan Oct. 28.

"Since the mid-1990s and with the help of major international oil companies, Kazakhstan's production soared to more than 1 million bpd in 2003," the EIA said this week.

Kashagan produced its first barrels of oil in September, UPI reported. The North Caspian Operations Co., which is made of national and international energy companies, announced Sept. 11 the offshore field was producing. By early October, Kashagan reached a production rate of 75,000 barrels of oil per day, the source said.

The EIA's Short Term Energy Outlook, released earlier in October, said Kazakhstan will produce 1.65 million bpd of oil in 2014. This year, the country could produce 1.61 million bpd by the end of 2013, the EIA said.

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