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KazMunaiGas may transfer its share in Kashagan to KazMunaiGas EP

26 may 2011, 14:16
0
©RIA Novosti
©RIA Novosti
KazMunaiGas national Oil Company does not rule out transferring its share in Kashagan to its subsidiary KazMunaiGas EP, KMG President Kairgeldy Kabyldin said in Almaty May 26.

«Why not? Thransfer of the share is being considered. The plan has not been approved of yet”, he said.

May 25 KazMunaiGas (KMG) National Oil and Gas Company signed a memorandum with its subsidiary KazMunaiGas EP on possible participation of the latter in offshore oil blocks at the Caspian Sea.

According to the memorandum, KazMunaiGas EP will have an access to detailed geological and economic data on a number of oil projects in the Kazakhstan’s sectors of the Caspian Sea. Notably, the list of projects includes maritime blocks Zhambyl, Ustyurt, Zhenis, Godina, S-1, S-2, Urikhtau.

The Kashagan field, named after a 19th century Kazakh poet from Mangistau, is one of the world's largest oil discoveries of the last forty years.

The consortium developing the field comprises Eni, Shell, ExxonMobil, Total and KazMunaiGaz (all with a 16.81% stake) as well as ConocoPhillips (8.4%) and Japan's Inpex (7.56%).

Oil reserves make up 38 billion barrels (6 billion tons), with recoverable reserves standing at 10 billion barrels. Natural gas reserves are estimated at over 1 trillion cubic meters.

Late June 2008 the parties signed a memorandum to postpone commercial production at Kashagan to 2013.

“During the talks with Mr. President we discussed status of all the projects, including Kashagan which has seen substantial progress. In this project the first oil is expected in December 2012 or two-three months later than that”, Paolo Scaroni, Eni Chief Executive Officer and General Manager, told a briefing following his talks with President Nazarbayev May 18.

KazMunaiGas Exploration Production was established in March 2004 and is among the top three oil producers in Kazakhstan. Ordinary and preferred shares of KazMunaiGas Exploration Production are listed on the Kazakhstan Stock Exchange, and its global depository receipts (GRDs) are listed on the London Stock Exchange. Through National Company KMG, the state owns 60% of KMG EP’s shares. KazMunaiGas Exploration Production is developing 41 fields in Western Kazakhstan. The Company is the largest taxpayer in Kazakhstan.

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