MOSCOW, Nov 13 (Reuters) - Kazakhstan's biggest oil
field Tengiz, operated by U.S. major Chevron ( CVX ), has
reduced oil output by around 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 nation, which relies on Tengiz and two
other major fields, Karachaganak and Kashagan, for most of its
production, is subject to output targets as a member of OPEC+,
an alliance of OPEC and other top producers led by Russia.
The production decline may help Kazakhstan comply with
its output quota under an agreement with the OPEC+ group.
One of the sources said production has declined due to
maintenance at the field. The operator of Tengiz did not
immediately respond to a request for comment.
Tengiz boosted oil output to a record high in early October
to 699,000 bpd from 687,000 bpd in September, when output
increased by 30% from August after the completion of
maintenance.
Chevron ( CVX ) and its partners plan to expand output at the Tengiz
project to 850,000 bpd in the first half of 2025. Expansion
costs at the project stand at around $49 billion.
Chevron ( CVX ) owns a 50% stake in the venture. Exxon Mobil ( XOM )
controls 25%, KazMunayGaz has a 20% stake, and
Russia's Lukoil owns 5%.
Kazakhstan's average daily oil output in October was down
20% from September, complying with the country's OPEC+ quota,
according to Reuters calculations.
The output was about 150,000-185,000 bpd lower than the
country's OPEC+ quota of 1.468 bpd, depending on the ratio used
for the conversion of tons into barrels.