((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Kazakhstan's largest oil field, Tengiz, operated by American major Chevron
CVX.N , has cut its oil production by about 21% on average since Oct. 26 to 62,600 metric tons per day, or 496,200 barrels per day, three industry sources told Reuters on Wednesday.
The Central Asian country, which depends on Tengiz and two other major fields, Karachaganak and Kashagan, for most of its output, is subject to production targets as a member of OPEC+, an alliance of OPEC and other leading producers led by Russia.
The drop in production could help Kazakhstan meet its production quota under a deal with the OPEC+ group.
One of the sources said production had fallen due to maintenance work on the field. Tengiz's operator did not immediately respond to a request for comment.
Tengiz increased its oil production to a record high in early October to 699,000 bpd from 687,000 bpd in September, when production rose 30% from August following the completion of maintenance work.
Chevron and its partners plan to increase production at the Tengiz project to 850,000 bpd in the first half of 2025. Expansion costs for the project are approximately $49 billion.
Chevron owns a 50% stake in the company. Exxon Mobil XOM.N controls 25%, KazMunayGaz KMGZ.KZ 20% and the Russian Lukoil LKOH.MM 5%.
According to Reuters calculations, Kazakhstan's average daily oil production in October fell 20% from September, in line with the country's OPEC+ quota.
Production was around 150,000 to 185,000 bpd below the OPEC+ quota of 1,468 bpd, depending on the ratio used to convert tonnes to barrels.
Related News :