Decline in oil production in Kazakhstan slowed in early December – MediaThe decline in oil production in Kazakhstan slowed in early December after damage occurred to part of the Caspian Pipeline Consortium (CPC) infrastructure, reports Reuters citing an industry source.According to the source, in the first two days of December, oil and gas condensate production in the country fell by 6% compared to the average November level. Meanwhile, from December 1 to 9, the average daily production decline slowed to 4.5% - 1.94 million barrels per day.Earlier, the Ministry of Energy of Kazakhstan stated that some oil from the Kashagan field would be redirected to China to compensate for the CPC's capacity restrictions.Separately, the source reported that the Karachaganak field reached its planned production level in December. According to him, production increased by 2.5% compared to November after the resumption of supplies to the Orenburg gas processing plant in Russia. The Orenburg plant was forced to temporarily stop receiving gas from Kazakhstan in October due to a Ukrainian drone attack.As reported, on November 29, part of the infrastructure of the Caspian Pipeline Consortium (CPC), which handles about 80% of Kazakhstan's oil exports, was damaged.Due to damage to one of the key elements – a single point mooring (SPM) – the consortium was forced to reduce exports. Industry sources note that CPC will not be able to return to full capacity before December 11, when SPM-3, which has been under maintenance since mid-November, resumes operation.The Caspian Pipeline Consortium (CPC) connects oil fields in western Kazakhstan and Russian ones on the Caspian shelf with a marine terminal in Novorossiysk. The route's length is 1,500 km. The system is the main export route for Kazakh oil, accounting for more than 80% of the amounts pumped through the pipeline from Kazakhstan. The CPC is capable of transporting approximately 72.5 million tonnes of oil per year from Kazakh territory and up to 83 million tonnes of oil per year through Russia. In 2024, the consortium shipped 63.01 million tonnes of oil via the system; the expected transportation level in 2025 is around 72 million to 74 million tonnes.The shareholders of the CPC are the Russian state (under the management of Transneft (MOEX: TRNF) - 24%, on its balance sheet - 7%) with 31%, Kazakhstan with 20.75% (represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%), Chevron Caspian Pipeline Consortium Company with 15%, Lukoil International GmbH with 12.5%, Mobil Caspian Pipeline Company with 7.5%, Rosneft-Shell Caspian Ventures Limited with 7.5%, BG Overseas Holding Limited with 2%, Eni International N.A. N.V. with 2% and Oryx Caspian Pipeline LLC with 1.75%.The Karachaganak field is one of the largest in the world. Its oil reserves amount to 1.2 billion tonnes, and its gas reserves total 1.35 trillion cubic meters. The development of Karachaganak, under the 40-year Production Sharing Agreement signed in 1997, is carried out by the international consortium KPO, consisting of Shell (29.25%, through its wholly owned affiliate BG Karachaganak Limited), Eni (29.25%), Chevron Corp. (18%), PJSC LUKOIL (13.5%), and KazMunayGas (10%). (ICE ALMATY)

Fonte notizia: INTERFAX