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Kazakhstan’s Oil and Gas Minister on Karachaganak deal

14 декабря 2011, 12:30
Oil and Gas Minister Sauat Mynbayev. flickr.com
Oil and Gas Minister Sauat Mynbayev. flickr.com
Karachaganak consortium of foreign oil majors and the Kazakhstan’s Government have agreed on Kazakhstan’s accession into the project, Novosti Kazakhstan reports from the signing ceremony.

“Following the long-lasting negotiations, the consortium has agreed to transfer 5% to settle disputes that arose before December 31, 2009; the other 5% will be sold at the market value. Thus, Kazakhstan’s share in the project will make up 10%, raising the nation’s revenues from the project”, the Oil and Gas Ministry’s statement reads.

Besides, according to the Ministry’s Press Service, the sides agreed to exercise mutual control over the project costs. The mechanism will enable the Kazakh side “to toughen control over costs arising within large-scaled investment projects at the oilfield”.

Following the signing ceremony, Kazakhstan’s Minister of Oil and Gas Sauat Mynabeyv told that “KazMunaiGaz National Oil and Gas Company has obtained a loan to finance the purchase of 5%, and the sides have withdrawn all the claims”.

“The consortium provides the loan worth $1 billion at LIBOR plus 3% for a three-year-long period. KMG will be repaying the loan through cash flows to be generated out of its 10% share in the project”, Minister Mynbayev elaborated.

The Minister emphasized that Kazakhstan had reiterated stability of the contract terms with the consortium.
“As you know, there were some controversial issues related to tax payments. The consortium will not be paying the debated taxes. However, it doesn’t entail reduction of payments into the state budget the National Oil Fund”, the Minister said.

According to him, “the consortium will be exempted from export duty”.

The Minister also said that although the agreement has already been signed, “some conditions will be only met by June 30”.

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.

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