UPDATE 1-Kazakhstan raises oil output forecast on Chevron JV

* Output seen at 82-83 mln T, Tengiz at 25 mln T

* Output has doubled over past decade, more growth ahead

* KazMunaiGas sees own production at 24 mln T by 2014

(Adds quotes, details, background)

By Raushan Nurshayeva

ASTANA, Aug 27 (BestGrowthStock) – Kazakhstan may exceed its oil
output target this year on the back of higher oil production
from a Chevron-led (CVX.N: ) venture, the head of Kazakh state
firm said on Friday.

“I think oil production in Kazakhstan may exceed 80 million
tonnes (1.6 million barrels per day) this year and reach 82-83
million, mainly thanks to TengizChevroil,” said Kairgeldy
Kabyldin, chief of KazMunaiGas [KMG.UL].

“Oil production at Tengiz will be 25 million tonnes,” he
added. The venture had previously planned to produce 23.5
million tonnes this year.

Apart from Chevron and KazMunaiGas, Tengiz’s shareholders
are Exxon Mobil (XOM.N: ) and Russia’s LUKOIL (LKOH.MM: ).

Kazakhstan has doubled its oil output over the past decade
to become the second-biggest producer in the region after
Russia, as output grew at production sharing agreements with
foreign majors, such as Tengiz or Karachaganak.

The country wants to further increase production, doubling
current levels when another foreign group led by Italy’s ENI
(ENI.MI: ) launches its huge Kashagan oil field on the Caspian
Sea.

Kashagan has been hit by repeated delays because of cost
overruns and as Kazakhstan became increasingly assertive with
foreign investors and sought to win bigger stakes in foreign
ventures.

Kabyldin said KazMunaiGas would increase oil output to 24
million tonnes by 2014 from the current 20 million.

“The company’s strategic goal, set by the board, is to join
the list of 30 leading global oil companies… The level of
reserves will reach 790 million tonnes by 2014,” he said.

(Reporting by Raushan Nurshayeva, writing by Dmitry
Zhdannikov, Editing by Alison Birrane)

UPDATE 1-Kazakhstan raises oil output forecast on Chevron JV