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Stake in Karachaganak will bring $5 billion to Kazakhstan by 2037

05 march 2012, 16:20
0
Karachaganak oil and gas field. Photo courtesy of topneftegaz.ru
Karachaganak oil and gas field. Photo courtesy of topneftegaz.ru
Kazakhstan's stake in Karachaganak will generate from $3.3 to $5 billion by 2037, Tengrinews.kz reports citing Kazakhstan Minister of Oil and Gas Sauat Mynbayev as saying at the government meeting in the Majilis (lower chamber of the Parliament).

"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," the Minister said.

According to Mynbayev, the have investors earned $38 billion from the project by January 2012. $17.3 billion of them were returned to the contractor, who had invested into the project. 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.

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