Kazakhstan initiates another agreement with OPEC about reducing oil extraction

Kazakhstan plans to initiate negotiations with OPEC+ on the agreement, separate for itself against the background of growth of production on the field Kashagan. The deputy minister of Energy of the country Aset Magauov reported about it, the Russian agency of oil and gas information (AOGI) tells.

"I think, negotiations will separately continue because there is an understanding from OPEC that the Kashagan project is very big, big investments happened and there is a need of return of these investments. And therefore, I think, the decision shall be made, proceeding from these conditions", - he noted, answering a question of a possibility of prolongation of the agreement after March, 2018.

On a question whether can there be a speech about the free standing agreement, he answered: I believe so. 

The quota of Kazakhstan in the current agreement about reducing production constitutes 20 thousand barrels a day. However, according to IEA, in July production in Kazakhstan grew by 73 thousand barrels in relation to October of last year - against the background of growth of production on recently started field Kashagan. According to the statement of the consortium which is engaged in its development, production on the field by the end of this year will be able to come to project 370 thousand barrels from present 200 thousand. As a result, IEA raised the forecast on production of  Kazakhstan for 2017 on 20 thousand barrels - to 1,83 million and for 2018 - on 60 thousand - to 1,95 million barrels.

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