Kashagan to be developed by consolidated company

Kashagan will be developed by a consolidated joint-venture company, Tengrinews reports citing a statement of the North Caspian Operating Company (NCOC), the delegated operator of the giant oil and gas field project developed under the North Caspian Sea Production Sharing Agreement (NCSPSA).

“Transition of the Kashagan project from development to production offers an opportunity to further integrate and consolidate the operator and agent activities to put the venture into a better position for further development of the field under the NCSPSA. To capitalize on this opportunity, the NCSPSA shareholders have agreed to work towards a gradual transition from the current operating model to a single consolidated joint-venture company,” the statement said.

The companies involved in the development of the field - Kazakhstan's KazMunaiGas, American ExxonMobil, Anglo-Dutch Shell, Italian Eni and French Total with 16.81% each, Chinese CNPC with 8.4% and Japan's Inpex with 7.56% - are going to launch the new operator in September 2014.

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Oil news Kazakhstan Kazakh Kashagan gas field