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3rd stage at Karachaganak to be revisited

14 december 2011, 16:12
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Photo courtesy of topneftegaz.ru
Photo courtesy of topneftegaz.ru
Karachaganak shareholders have given up the draft 3rd stage of the oilfield development, Novosti Kazakhstan quoted Oil and gas Minister Sauat Mynbayev as saying December 14.

“The draft 3rd stage is no longer considered as it is. It calls for certain modifications. Its configuration is subject to further discussions”, he told at a press-conference.

In October 2010 Andrei Kirillov, head of Kazakhstan’s LUKOIL Oversees, told that the draft budget of the 3rd stage of the oilfield development project was estimated between $10 and 14 billion.

The project consists of 4 stages. The 3rd stage is intended to bring production of liquid hydrocarbons up to 15 million tons a year, with production of gas rising to 38 billion cubic meters a year.

With its 1.2 billion tons of oil and condensed gas and 1.35 trillion cubic metres of gas, Karachaganak is one of the largest O&G fields in the world. Karachagank accounts for 49% of all the gas production and 18% of oil production in Kazakhstan.

Karachaganak Petroleum Operating (KPO) is a consortium of companies to develop Karachaganak oilfiled. The consortium included BG Group, Eni (32.5% each), Chevron (20%) and LUKOIL (15%). KPO operates in accordance with a PSA signed with the Kazakh Government in November 1997. According to the PSA, the consortium shall be operating the project up to 2038.

Earlier it was reported that Kazakhstan’s share in the profits from Karachaganak oilfield developed by Karachaganak Petroleum Operating (KPO) stands at 20%, according to Minister of Oil and Gas Sauat Mynbayev.

December 14 Karachaganak consortium of foreign oil majors and the Kazakhstan’s Government agreed on Kazakhstan’s accession into the project. Kazakhstan’s share in the project will make up 10%, raising the nation’s revenues from the project.

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