The Caspian Pipeline Consortium (CPC) has informed Kazakh oil producers that it cannot accept additional crude into its network due to full storage tanks. This situation arose after bad weather in the Black Sea halted tanker loadings at its terminal near Novorossiysk, raising the risk of a potential production shutdown at Kazakhstan's three largest fields: Tengiz, Kashagan, and Karachaganak.

Infrastructure Constraints Exacerbating the Situation

The weather-related suspension compounds existing operational challenges. Following a Ukrainian drone strike in November that disabled one of the terminal's three loading buoys (SPM-2), and with a second buoy (SPM-3) already offline for scheduled maintenance, only one buoy (SPM-1) is currently functional. This has significantly slowed tanker loadings, leading to the accumulation of crude in the pipeline's storage system, which has a total capacity of approximately 8 million barrels.

Critical Importance of the Pipeline and Limited Alternatives

The CPC pipeline is the primary export route for Kazakhstan, handling over 80% of the country's oil exports. The network's storage is designed as a buffer to prevent emergency production halts during loading suspensions. However, alternative export outlets lack the capacity to handle similar volumes, and storage at the oilfields themselves is minimal, leaving the system vulnerable to disruptions.

Ongoing Delays and Operational Uncertainty

CPC had continued accepting oil after the November strike, anticipating that maintenance on SPM-3 would be completed by mid-December. However, adverse weather has prevented the completion of these works. The company has provided no further comment or timeline for resuming operations with SPM-3. In response to enquiries, operators of the Kazakh fields, including Tengizchevroil, have directed questions back to CPC, emphasizing their focus on safe operations while monitoring the situation.