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Karachaganak Petroleum Operating (KPO) agrees to sell 10% in Karachaganak to Kazakhstan

16 june 2011, 15:58
0
Photo courtesy of kpo.kz
Photo courtesy of kpo.kz
Kazakhstan’s Government and Karachaganak Petroleum Operating (KPO) have reached a preliminary agreement for Kazakhstan to purchase 10% in Karachaganak project, Interfax – Kazakhstan reports, citing a source close to the situation.

“All the participants have agreed to Kazakhstan’s purchasing 10%: 5% on a free of charge basis, the other 5% - at the market price”, the source said.

According to him, the consortium participants have submitted to the Government a draft memorandum outlining the agreement.

He also said that the participants have agreed that the Government will be exercising control over the project costs.

According to him, the memorandum is to be signed shortly, with the final agreement to be drafted and signed by this autumn.

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 includes 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.

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