Hot news:
NASA image shows part of Aral Sea completely disappear for first time in centuries Kazakhstani gasoline prices to match Russian by 2019: Karabalin Nazarbayev offers Russia to cooperate in geological exploration of Caspian Depression Almat Kebispayev from Kazakhstan wins bronze in greco-roman wrestling at Asian Games Kazakhstan to face West vs Russia sanctions with investments: Kelimbetov Caspian water delimitation agreement - a version of sea status Hobbit fans step into "Shadow of Mordor" video game Nazarbayev suggests creating Caspian free trade zone Brooklyn the shooting star in NY Michelin Guide 2015 US-India to collaborate on Mars exploration eBay split to create independent PayPal White House breach 'unacceptable': Secret Service chief EU keeps Russia sanctions as clashes resume in Ukraine No street secrets for fashion photographer Bill Cunningham Microsoft gives peek at coming Windows 10 software 'Canadian Psycho' trial takes photo tour of crime scene Hackers charged in software theft from US army, others L'Oreal suspends all business travel to Hong Kong: company New UN Ebola chief vows swift response to crisis Spain PM says open to debate on constitutional reform Caspian Sea is the sea of friendship and peace: Nazarbayev Turkey submits request to parliament for Syria, Iraq military action Kazakhstan’s Energy Minister on petrol shortages Modi makes White House debut Mexico probes disappearance of 57 students Nazarbayev speaks about Caspian logistics potential Caspian states agree third party military forces should stay away from the Sea Kazakh 21 yo violin player wins Rodolfo Lipizer Prize in Italy Kazakhstan to tramp on quasi-public sector Deaf baby boy hears for first time Golovkin voted as Mayweather's next opponent Putin calls Caspian countries to coordinate oil and gas prices Ukraine refuses cooperation with Russia in Ablyazov's case Nazarbayev calls Caspian Summit in Russia a breakthrough Hong Kong protests turn festive after tear gas chaos India seen holding rates to guard against inflation Fitch places Catalonia on rating watch negative following independence vote call Intruder ran deep into White House: report Kazakh doctors support methodone therapy inspite opposition Apple software update protects Macs from 'Bash' bug Reaction of Kazakhstanis to kidnapping tested Paris fashion says non to 'Normcore' Spanish court suspends Catalonia independence vote Mobile app spyware developer indicted on US charges IMF urges Zimbabwe to clarify foreign investment law Brazil gunman straps hostage with apparent explosives Prada goes for cover-up look over CEOs tax fraud probe Toyota recalls 690,000 pickups in US over fire risk Hungary bans US far-right group's 'racist' conference Turkey deploys tanks to border as lawmakers to consider anti-IS action Time for worldwide fund to save mangroves: UNEP Rising Rousseff ramps up Brazil election offensive Long Russia crisis could force EU energy rethink: Merkel Animated 'Boxtrolls' take US by storm Australia PM Abbott applauds FBI partnership Indonesian parliament to vote on controversial election plan Electronics giant Philips to split in historic move 'Friends' fans flock to New York pop-up cafe Russia could restrict airspace in sanctions battle: PM Philippine airport bomb plotters planned anti-China attacks: govt German jobless rate unchanged in August: data Galileo satellites not on right orbit: Arianespace Paris relives the joy of liberation, 70 years on US dominates Chinese world university rankings Jasmine and smoke: the allure of Greek summer cinemas Thousands mark Moon death anniversary in S. Korea India stray dogs to be part of security squad‎ Russia okays $150 mn to subsidise World Cup venues Tennis: Kazakhstani Zarina Diyas gets in WTA Top-100 Facebook wants to beam the Internet from the sky

Kazakhstan isn’t interested in boosting its share in Kashagan oilfield

Monday, 29.04.2013, 13:33
Comments (0)
Kazakhstan isn’t interested in boosting its share in Kashagan oilfield
Kashagan oil and gas field. ©REUTERS
Kazakhstan isn’t interested in boosting its share in the international consortium developing the giant Kashagan oilfield, Newskaz.ru reports, citing KazMunaiGas National Oil Company’s Chairman of the Board Lyazzat Kiinov as saying April 29.

“We are content with the 16.8% we have in the project. There is no intention for the company to be the largest shareholder. We have partners in the project and seek to work with them”, Mr. Kiinov said.

He reiterated that Chinese entities are showing their interest to purchasing the exiting ConocoPhillips’s share in the project. “All the possibilities are being carefully studied in terms of their benefits”, Mr. Kiinov said.

The Kashagan field, named after a 19th century Kazakh poet from Mangistau, is located in the Kazakhstan sector of the Caspian Sea and extends over a surface area of approximately 75 kilometers by 45 kilometers. The reservoir lies some 4,200 meters below the shallow waters of the northern part of the Caspian Sea and is highly pressured (770 bar of initial pressure). The crude oil that it contains has high ‘sour gas’ content.

The development of Kashagan, in the harsh offshore environment of the northern part of the Caspian Sea, represents a unique combination of technical and supply chain complexity. The combined safety, engineering, logistical and environmental challenges make it one of the largest and most complex industrial projects currently being developed anywhere in the world.

According to Kazakhstan geologists, geological reserves of Kashagan are estimated at 4.8 billion tons of oil. According to the project’s operator, the oilfield’s reserves are estimated at 38 billion barrels, with 10 billion barrels being recoverable. Besides, natural gas reserves are estimated at over 1 trillion cubic meters. The consortium developing the field comprises Eni, Shell, ExxonMobil, Total and KazMunaiGaz (all with a 16.81% stake) as well as ConocoPhillips (8.4%) and Japan's Inpex (7.56%).

Tengrinews.kz reported late May 2012 that Kazakhstan and NCOC companies had signed an agreement to start commercial production at the giant Kashagan oilfield in the period from December 2012 to June 2013.

NCOC, a consortium developing the giant Kashagan oilfield, plans to produce 75 000 barrels of oil per day at the initial production stage, Tengrinews.kz reported mid-May 2012, citing NCOC Vice Managing Director Zhakyp Marabayev as saying on the sidelines of a CIS summit on oil and gas.

According to him, plans are there to bring the production figure up to 350 000 barrels a day or even up to 450 000 barrels a day at the first stage of the oilfield development.

“The current facilities enable to produce up to 350 000 barrels a day (…) Should the gas injection capacities be expanded, we could produce up to 450 000 barrels a day”, he said at that time.

Early October 2012 Tengrinews.kz reported, citing Kazakhstan’s Oil and Gas Minister Sauat Mynbayev as saying October 2 on the sidelines of the KazEnergy Oil Conference held in Astana, that ConocoPhillips might exit the project.

According to the СonocoPhillips’s press-release as of late November 2012, the deal to sell the stake to India’s ONGC Videsh Limited was expected to be finalized in the H1 2013. ConocoPhillips’s proceedings from the sale are expected to reach $5 billion. The deal is to be approved of by the Kazakhstan’s Government.

Kazakhstan is to take a decision on whether to exercise its preemptive right to purchase the СonocoPhillips’s stake in the consortium developing the giant Kashagan oilfield before May 25, 2015.
Views: 794    Comments: 0
preloader
Add a comment
preloader

2014
2008
2009
2010
2011
2012
2013
2014
October
January
February
March
April
May
June
July
August
September
October
November
December

News
Archive

Mo Tu We Th Fr Sa Su
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Feature stories

Поделиться:
Kazakhstan isn’t interested in boosting its share in Kashagan oilfield
http://en.tengrinews.kz/userdata/news_en/2013/news_19012/thumb_b/photo_27889.jpg
http://en.tengrinews.kz/markets/Kazakhstan-isnt-interested-in-boosting-its-share-in-Kashagan-oilfield-19012/