Data shows that Tengiz oilfield's output in December was 20% lower than planned.

Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target.

Tengiz had been expected to return to full oil production early in December after a maintenance program that began late in October.

Kazakhstan, which depends on Tengiz, the Karachaganak, and Kashagan for most of its oil production, has to meet output targets because it is a member of OPEC+. This alliance includes OPEC, other major oil producers, and Russia.

The decline in production may allow Kazakhstan to meet its output quota as part of an agreement with OPEC+.

According to estimates, Kazakhstan's oil output excluding gas-condensate during the 12 days in December was 1.46 million bpd. This is on par with its OPEC+ target of 1.468 millions bpd through April 2025.

Tengizchevroil, the operator of Tengiz Field (TCO), has not responded to our request for comment. The Kazakh Ministry of Energy refused to comment.

Tengiz's oil production in December for 12 days was 62,100 tons, compared with the planned 77471 tons (616 700 barrels).

Maintenance caused the oil production in Tengiz to fall to 61,000-63,000 tonnes per day (around 510, 000 barrels per day), down 21% on average from October.

Tengiz increased oil production to a new record in early October, from 687,000 barrels per daily (bpd) in September just before maintenance began.

Chevron, along with its partners, plans to increase production at the Tengiz Project to 850,000 bpd by the first half 2025. The expansion costs for the project are estimated at $49 billion.

Chevron holds a 50% stake. Exxon Mobil owns 25% of the venture, KazMunayGaz holds 20%, and Lukoil, a Russian company, has 5%.

(source: Reuters)