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Tianjiz and Kashagan will cut production by 22%

Views: 8     Author: Site Editor     Publish Time: 2020-05-03      Origin: Site

Source: Ministry of Commerce April 30, 2020

According to \"Industry Kazakhstan News\" quoted Reuters on April 29, the Kazakhstan government reached an agreement with the international operators of the two major oil fields in China-Tianjizi Oilfield and Kasha Glycerin Field, and plans to reduce production by 22% from May. Help Kazakhstan fulfill its new OPEC+ production cut obligations.

According to OPEC + new production reduction agreement, Kazakhstan will reduce daily production by 390,000 barrels to about 1.3 million barrels per day. Neither the Tianjiz Chevron Oil Company operated by Chevron, nor the Kasha Glycerin Field operated by the North Caspian Sea Operating Company (NOCC) participated in the original production reduction agreement. Considering the large scale of this production cut, it will take two large oilfields to participate to achieve this.

It is reported that in 2019, the total output of Tianjizi and Kasha glycerin fields is close to 900,000 barrels per day, accounting for more than half of Kazakhstan's total output. (Business Section of the Embassy in Kazakhstan)

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