Kazakhstan has resumed crude oil exports via the Caspian Pipeline Consortium (CPC) pipeline, after the consortium resumed accepting oil from carriers and resumed loading operations at its sea terminal in the Russian Black Sea port of Novorossiysk, the Kazakh Energy Ministry announced on Monday, the Astana Times reports, according to Agerpres.
According to officials, loading of oil tankers is currently underway at two offshore oil berths with a single anchorage point of the CPC. The Seamajesty and Milos tankers are loading crude supplied by Tengizchevroil, the operator of Kazakhstan\’s largest oil field. The resumption of oil acceptance allows producing companies to restore deliveries to the CPC and resume export operations through the sea terminal.
The ministry said operations at the terminal would continue with constant security assessments and compliance with all necessary security requirements. In addition, officials remain in constant contact with the CPC leadership and major oil companies, and will continue to coordinate efforts to ensure uninterrupted transportation of Kazakh oil.
The announcement follows the temporary suspension of loading operations at the CPC last week following drone attacks. The suspension of loadings on the CPC pipeline, which carries nearly 2 percent of global oil, heightens global concerns about oil supplies as the Iran war has already disrupted oil supplies from Saudi Arabia and other Gulf producers.
Sources speaking on condition of anonymity told Reuters that Kazakhstan’s oil and condensate production fell to 1.63 million barrels per day on Wednesday, down from an average of 2.07 million in July.
The decline was particularly sharp at the Chevron-operated Tengiz field, Kazakhstan’s largest oil field. A source said Tengiz output had more than halved to about 406,000 barrels per day on Wednesday, from an average of 925,000 bpd in July.
The Kazakh Energy Ministry confirmed the decline, saying producers had cut output because the CPC pipeline had restricted inflows and its storage tanks were nearing capacity. “The adjustment was a technical measure aimed at keeping production operations stable,” the Energy Ministry said.
The CPC is a 1,510-km oil pipeline that connects Kazakhstan’s oil fields to the Russian Black Sea port of Novorossiysk. Oil loaded at Novorossiysk is then transported with tankers to world markets. The CPC pipeline transports approximately 80% of Kazakhstan\’s oil exports, including those from fields exploited by Western companies such as Chevron, ExxonMobil, Eni or Shell, but it is also used for transporting Russian oil.