Part of Karachaganak to be sold to Kazakhstan this week

12 декабря 2011, 12:42
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Pumping station at Karachaganak field. Photo courtesy of dic.academic.ru
Pumping station at Karachaganak field. Photo courtesy of dic.academic.ru
The agreement on transferring Kazakhstan 10 percent in Karachaganak oil and gas project will be signed this week, Novosti-Kazakhstan reports citing Reuters.

The agreement will be signed between Karachaganak Petroleum Operating B.V. (KPO) that includes BG Group, Eni (32.5% each), Chevron (20%) and LUKOIL (15%) and Samruk-Kazyna National Welfare Fund. The cost of the deal may be around $1 billion. Members of the consortium will proportionally sell parts of their shares so that Kazakhstan can get into the project, Reuters states.

Karachaganak is located in West-Kazakhstan oblast, close to Aksai town and is one of the largest oil and gas condensate fields in the world. Its reserves are estimated at 1.2 billion tons of oil and condensate and over 1.35 trillion cubic meters of gas. Around 29 percent of Kazakhstan gas and 18 percent of oil are produced in Karachaganak.

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