The Caspian Pipeline Consortium (CPC) crude terminal on the Russian Black Sea coast is operating at full capacity for the first time since two of its three single point mooring (SPM) buoys were damaged in a storm a month ago.
The terminal, which is the main export route for Kazakh crude, has been operating with just one SPM since 24 March. It requires two SPMs in operation to function at full capacity, with the third serving as an emergency spare. SPM 2 remains offline, but SPM 3 was restarted on 23 April, CPC says. The Delta Commander tanker completed loading a crude cargo from SPM 3 on 24 April, according to market and shipping sources.
Russia's technical watchdog Rostekhnadzor has finished an inspection on CPC infrastructure that it began on 12 April, CPC says, adding that no oil was spilled in the Black Sea.
The CPC terminal handles roughly 80pc of Kazakh crude and condensate loadings. It is scheduled to load 1.42mn b/d in May, up from 1.35mn b/d this month.
The disruption at the terminal briefly cut Kazakh crude production by around a quarter. Output was 1.68mn b/d on 22 March, before dropping to 1.25mn b/d on 3-4 April and rising to 1.65mn b/d on 24 April, according to Kazakhstan's Information Analytical Centre of Oil and Gas. Kazakh crude production averaged 1.59mn b/d in March, down by 50,000 b/d from February.
Chevron, which leads the Tengizchevroil (TCO) consortium operating Tengiz, says that output at the field is back to "normal rates." The company was forced to adjust production at the Tengiz field in late March, following the disruption to exports. "[TCO] is currently exporting its crude oil in line with full allocations by the Caspian Pipeline Consortium," Chevron says.
