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Transition to a new operator of the Kashagan project has started in May 2014, Tengrinews correspondent reports citing an answer of North Caspian Operating Company (NCOC).
It is planned to create a consolidated company that will bear the same name – North Caspian Operating Company (NCOC).
“NCSPSA [North Caspian Sea Production Sharing Agreement] partners signed a memorandum of understanding in 2013. The transition from the existing model to the single consolidated company will not be momentary, but is going to be gradual and multistaged, and start in May 2014,” the press service of the company said.
Transition to a new operator of the Kashagan project has started in May 2014, Tengrinews correspondent reports citing an answer of North Caspian Operating Company (NCOC).
It is planned to create a consolidated company that will bear the same name – North Caspian Operating Company (NCOC).
“NCSPSA [North Caspian Sea Production Sharing Agreement] partners signed a memorandum of understanding in 2013. The transition from the existing model to the single consolidated company will not be momentary, but is going to be gradual and multistaged, and start in May 2014,” the press service of the company said.
According to the Kashagan operator’s external relations manager Hans Wenck, the first phase of the transition involves an integration of the functions of the operator and its agents to maximize synergy and increase efficiency of the existing operating model.
“Kashagan's transition from the construction stage to production operations gives the consortium an opportunity to integrate and consolidate the activities of the operator and its agents, and to address the issue of assets transfer and consortium preparation for further development of the resources in the framework of the NCSPSA. Merging the operator and the agents of Kashagan will lead to a more streamlined management structure and simplify interactions,” NCOC said.
The company also believes that the merger will help bring together the best practices and experience of each participating company to create a joint company of a global scale.
The company empahasized that establishment of the single operating company will affect neither the course of the pipeline repair works, nor the preparations for resumption of the production, nor the completion of the remaining works.
It was announced earlier that the new operator of the project will include three organizations: Agip, NCOC and NCPOC. NCOC explained that NCPOC is a joint venture between Shell Kazakhstan Development B.V. and KMG Kashagan B.V. with equal participation shares (50/50).
Minister of Oil and Gas of Kazakhstan Uzakbai Karabalin said that the single operator will start its work in the Kashagan project in September 2014. According to him, the decision to establish a new operator came because both the contractors and the Kazakh authorities were not satisfied with the system of organization that has been in place until now.
Reporting by Azhar Ashirova, writing by Dinara Urazova, editing by Tatyana Kuzmina
