MOSCOW, March 12 (Reuters) - Oil output at Kazakhstan's
largest Tengiz field rose to 810,000 barrels on March 11, but
averaged 495,000 barrels per day (bpd) over the first 10 days of
this month on average, lagging the capacity target, two industry
sources said.
According to the sources, average production at Tengiz on
March 1-10 was 16% lower than in February, when output stood at
around 590,000 bpd.
Tengiz's operator, U.S. Chevron-led Tengizchevroil (TCO), is
restoring output after an emergency shutdown on January 18
caused by a fire.
However, output recovery at Tengiz is capped by loading
constraints via the main export route - the Caspian Pipeline
Consortium (CPC) system - due to adverse weather conditions and
the threat of drone attacks.
TCO is looking to use alternative export routes to recover
output.
Traders said the company plans to export 120,000 metric tons
of crude in March from Tengiz to the Baku-Tbilisi-Ceyhan (BTC)
pipeline. TCO is also seeking an opportunity to ship a
100,000-tonne KEBCO cargo via Russia's Ust-Luga port this month,
traders said.
Kazakhstan's Energy Minister Erlan Akkenzhenov told
reporters on Wednesday that oil production at the Tengiz field
had recovered to 120,000 tons per day, equivalent to 955,000
bpd. He did not specify the exact date.
Daily deliveries of Tengiz crude into the CPC pipeline
system reached 932,000 bpd on March 10, according to the sources
data, compared with 700,000 bpd at the end of February.
Crude deliveries by the producing company may differ from
production volumes, as they include inventories held at its
facilities.
TCO does not comment on details of its production and export
activities.
Kazakhstan's state oil pipeline operator KazTransOil did not
immediately respond to a Reuters request for comment.
Last year, TCO increased crude output following the
completion of the Future Growth Project (FGP) to 39.01 million
tons, compared with 27.8 million tons in 2024.
TCO's main shareholder is Chevron ( CVX ) (50%), with stakes also
held by Exxon Mobil ( XOM ) (25%), KazMunayGas (20%)
and Russia's Lukoil (5%).