May 22, 2024
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OIL & GAS

CPC to increase oil supply in 2023

The Caspian Pipeline Consortium (CPC) is ready to increase oil supply in 2023, CPC cited director general Nikolai Gorban as saying on Friday, according to Reuters reports.

It said the CPC, which handles about 1% of global oil, also said it shipped 58.7 million tonnes in 2022, including 52.2 tonnes from Kazakhstan.

That, the consortium, which delivers oil from Kazakhstan via a Black Sea terminal, last year faced maintenance issues at the terminal and oil fields, including Tengiz, the key source of oil for the CPC.

The report states that Kazakhstan is the second-biggest oil producer among the ex-Soviet countries after Russia, pumping around 1.5 million barrels per day, and both countries are members of the OPEC+ group to coordinate oil production.

Russian oil pipeline monopoly Transneft are the main monopoly of the CPC with 24%, Kazakhstan’s KazMunayGas (19%), Chevron Caspian Pipeline Consortium Company (15%), LUKARCO B.V (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited (7.5%).

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