Kazakhstan has revised its oil production forecast for 2025, the Ministry of Energy of Kazakhstan reported. According to the plan, oil production for this year is 96.2 million tons, said the Ministry. Earlier, the Ministry of National Economy had stated that the oil production target for 2025 was 97.2 million tons.
In 2024, Kazakhstan revised its oil production forecast several times. Initially, the country planned to produce 90.3 million tons of oil, but the Ministry of Energy later updated the figure to 88.4 million tons. By the end of the year, the new forecast was set at 87.8 million tons.
The reasons for not meeting the previous targets include maintenance shutdowns at the “Tengiz” field in May and August lasting a total of 50 days, a 21-day shutdown at the “Kashagan” field, unscheduled shutdowns at the “Karachaganak” field, gas intake restrictions at the Orenburg gas processing plant, maintenance at the CPC pipeline, and the need to fulfill commitments under the OPEC+ agreement.
Energy
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On the evening of last Friday, around 9 p.m., the Production Union "Azneft" (the extracting structure of SOCAR) confirmed a leak on an underwater oil pipeline in the Caspian Sea. This pipeline transports oil extracted from the "Neft Dashlary" field towards the Dubendi shore terminal, located in the northern eastern part of the Absheron Peninsula.
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The international rating agency Fitch Ratings predicts that the gross revenue of the State Oil Company of Azerbaijan (SOCAR) in 2025 will reach $45.935 billion. According to Fitch, SOCAR’s operating profit before taxes, interest, and depreciation (EBITDA) is expected to be $3.317 billion. "Favorable oil and gas prices have strengthened SOCAR’s financial performance," notes Fitch. The agency estimates that the company's revenue for 2024 will amount to $50.061 billion, with an operating EBITDA of $3.535 billion.
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Over the past 10 years, the State Electricity Distribution Company “Azərişiq” (the state monopoly for electricity distribution in Azerbaijan) has laid 20,000 km of power lines of various voltage levels, Vusal Ganbarov, the technical advisor to the chairman of “Azərişiq” stated.
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Azerbaijan, Georgia, Türkiye, and Bulgaria have agreed on the text of a draft quadripartite Memorandum of Understanding on cooperation in the field of green energy transmission, the Ministry of Energy of the Republic of Azerbaijan announced at the end of last week.
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