In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month

Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields.

Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day.

Kazakhstan has reaffirmed its commitment to the pact despite exceeding the quotas established by the Organization of the Petroleum Exporting Countries (OPEC+), a group of countries known as OPEC+. The pact excludes light oil and gas condensate from its production limitations.

Tengizchevroil, Kazakhstan's biggest producer, achieved a record production of 3.715 millions tons in August. This was according to data provided by the Situational and Analysis Center for Fuel and Energy Complex. The data did not include a breakdown of crude oil or gas condensate.

TCO has declined to comment.

Kazakhstan's oil production and condensate over the period January-August increased from 59.307 millions to 67.389.

TCO is expected to be the main contributor to this growth. After completing the Future Growth Project, TCO plans to increase its annual production to 40 millions tons.

Chevron controls 50%, ExxonMobil 25%, KazMunayGaz 20%, and Lukoil 5%. Louise Heavens (Reporting and Editing)

(source: Reuters)