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Karachaganak to settle issues with Kazakh authorities by the end of 2011

27 июля 2011, 16:30
Hydrocarbons processing complex at Karachaganak oil and gas field. ©REUTERS
Hydrocarbons processing complex at Karachaganak oil and gas field. ©REUTERS
Consortium of foreign oil companies Karachaganak Petroleum Operating B. V. (KPO) developing one of the biggest oil and condensed gas fields in the world, Karachaganak, will settle all issues with Kazakh authorities by the end of 2011, KazTAG reports.

“Active negotiations are in process. I believe that discussions will come to a constructive conclusion and I expect that this will be this year, possibly, by the end of this year,” head of BG Group Frank Chapman said on the phone. However, the company declined to comment on any specific details of the negotiation process.

Kazakhstan announced an intention to get a stake in the project in 2009 for the first time. This Statement was preceded by an argument with shareholders who litigated against oil export duties implied my the government. Later the legal claims were withdrawn and the parties started negotiating. After a long-lasting taxation argument the consortium agreed to give Kazakhstan 10 percent share in the project. The plan was to complete negotiations this fall.

Karachaganak Petroleum Operating B.V. is develping one of the biggest oil and gas condensate fields in the world, which is located in the North-West of Kazakhstan. The field’s area is 280 sq.km and its reserves are estimated at over 1.2 billion tons of oil and condensate and over 1.25 trillion cub.m of gas. The consortium includes BG Group, Eni (32.5% each), Chevron (20%) and LUKOIL (15%). KPO operates under the PSA signed with the Kazakh Government in November 1997. According to the PSA, the consortium shall be running the project until 2038.

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