Oil production at Kazakh Tengiz field fell 17% in Aug from July due to maintenance, sources say

Equus Mining

02/09/2024 10:55

MOSCOW, Sept 2 (Reuters) - Oil output at Kazakhstan's
giant Tengiz oilfield, operated by Chevron-led  CVX.N 
Tengizchevroil  TENGZF.UL , declined by nearly 17% in August
from July to 529,280 barrels per day (bpd), two sources familiar
with the said on Monday.
    Tengizchevroil started a scheduled maintenance on Tengiz
field last month resulting in an output decline. The sources
said that the maintenance is going on and will end on September
10.
    Tengizchevroil did not respond to a request for comment.
    The Caspian Pipeline Consortium cut CPC Blend oil  BFO-CPC 
exports in August to 4.9 million metric tons in August due to
the maintenance. In September CPC oil exports are expected to
remain lower than normal - at around 4.9 million tons - due to
ongoing maintenance.
    Oil output at Tengiz is planned at 583,733 bpd in September,
one of the sources said.
    Prices for Caspian oil grades have soared in the
Mediterranean market this week, as traders look for alternatives
in an increasingly tight market following the suspension of oil
production in Libya, five traders told Reuters last week.
    

 (Reporting by Reuters, Editing by Louise Heavens)