CERAWEEK-Kazakhstan crude output restored after CPC disruption, energy minister says

By Georgina McCartney

HOUSTON, March 24 (Reuters) - Kazakhstan's crude production has been restored following loading disruption at the CPC pipeline in December and January, Energy Minister Yerlan Akkenzhenov said on Tuesday at the CERAWeek energy conference in Houston.

The country is "very dependent on the CPC pipeline and it is important to keep it out of sanctions and attacks," Akkenzhenov said on the sidelines of the conference.

Kazakhstan's crude production was disrupted following Ukrainian drone attacks on the CPC, which pumps 80% of its exports, and power outages that halted production at the Tengiz oilfield, which accounts for 40% of Kazakhstan's output.

Kazakhstan's crude output is now 1.7 million barrels per day plus 400,000 bpd of condensate and natural gas liquids, the minister said. The country stands to benefit from rising prices amid the Iran conflict as 52% of its budget comes from oil income, and companies operating there could invest more to further raise production, he added.

The OPEC+ member country has started to drill deep wells, with four or five now underway, Akkenzhenov said.

“We have not had any meeting with OPEC+,” Akkenzhenov said when asked whether the producer group and its allies could release more barrels amid the Iran war, which has dramatically tightened physical oil markets.