Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again
(Reuters) — The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric tons of oil in 2024 in a latest estimate, further downgrading its exporting prospects, according to a shareholder.
It had initially planned to export more than 70 million tons (1.5 million barrels per day) of oil in 2024, up from a record high of 63.5 million tons in 2023.
However, the consortium said in May it expected its oil exports to fall 7% short of a preliminary target owing to lower loadings from Tengiz, a key field. The plans might have assumed the export of 65.2 million tons.
Speaking to a December issue of an in-house magazine, Vladimir Kalanda, a vice-president of Russian oil pipeline operator Transneft, said CPC's plans for 2024 called for 64.4 million tons of oil export, up almost a million tons from 2023.
The main CPC shareholders are Transneft (24%), Kazakhstan's KazMunayGas KMGZ.KZ (19%), Chevron Caspian Pipeline Consortium Company CVX.N (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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