As reported by Reuters, Kazakhstan is reducing production at certain giant, large and medium-sized oilfields to comply with the global output cut deal, the Central Asian nation’s energy ministry said on Friday.
The ministry did not name any particular fields. Kazakhstan’s three giant fields, Tengiz, Kashagan and Karachaganak, are operated by groups of global energy majors. Kazakhstan has pledged to cut its output by 390 000 bpd in May and June.
Sources told Reuters this week Kazakhstan was close to a deal with the operators of Tengiz and Kashagan – which include Chevron, ExxonMobil, Eni, Shell and Total – to reduce production by 22% from May, the first time those ventures would be involved in such an output cut.