Kazakhstan’s Ministry of Energy expects to produce 90 Mt to 93 Mt of oil in 2023, up 3% to 6% from the country’s estimated 87 Mt for the year 2022. The projected production for 2022 represents a slight decrease from an otherwise stable production in the previous years (approximatively 90 Mt for 2020 and 2021).
According to the ministry, the 2023 increase in production will depend on the completion timeframe of the Tengiz oil field expansion projects. The Chevron-led projects are currently expected to be completed in March and November 2023, but Kazakhstan has already announced there might be some delays. Kazakhstan also believes that western sanctions on Russia would not affect the shipment of crude oil to Europe. About 80% of Kazakh oil exports are piped through the Caspian Pipeline Consortium, via the Black Sea, towards Europe.