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Kazakhstan completes acquisition of a 10% stake in Karachaganak

28 june 2012, 19:39
0
Karachaganak oil and gas condensate field. Photo courtesy of kmg.kz
Karachaganak oil and gas condensate field. Photo courtesy of kmg.kz
Kazakhstan has completed acquisition of a 10% stake in the Karachaganak Petroleum Operating (KPO) consortium that is developing the giant Karachaganak condensed gas field, Newskaz.ru reports, citing Chevron representatives as saying.

“Today Chevron International Petroleum confirmed that the agreement signed December 14, 2011 between the consortium participating companies and the Kazakh Government has been executed, with 10% being transferred to the Kazakh side”, the Company’s statement reads.

As a result of the deal the ownership structure looks as follows: BG Group holds 29.25%, Eni 29.25%, Chevron 18%, LUKOIL 13.5%, with the Kazakhstan Government holding the other 10%.

"Kazakhstan's 10-percent stake in KPO will bring an additional profit of $3.3-5 billion in the form of KazMunaiGas' cash flows, or $1,4-2 billion in the form of as discounted cash flows of KazMunaiGas during 2012-2037 based on the forecasted oil price of $85 per barrel," Kazakhstan Minister of Oil and Gas Sauat Mynbayev said at the government meeting in the Majilis (lower chamber of the Parliament) early March.

According to Mynbayev, the investors had earned $38 billion from the project by January 2012. Net profit made $20.7 billion and Kazakhstan got $13 billion of them (64 percent of the net profit). The Minister noted that should the oil price grow, the profits will increase as well. Besides, the earnings depend on configuration of the project's third stage.

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 Later the legal claims were withdrawn and the parties started negotiating.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.

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. Karachagank accounts for 49% of all the gas production and 18% of oil production in Kazakhstan. Earlier the ownership structure looked as follows: 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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