France’s Total believes oil production at giant Kashagan oilfield will start late 2012 at 300 000 barrels a day 19 октября 2011, 11:17
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Kashagan oil field. ©REUTERS
France’s Total believes oil production at the giant Kashsgan oilfield will start late 2012 at 300 000 barrels a day, according to Maksim Marchenko, Vice Director for Business Development at Total E&P Russie.
Total is part of the international consortium of oil majors developing the oilfield.
“Late 2012 we will start first production of 300 000 barrels at Kashagan”, RIA Novosti quoted Mr. Marchenko as saying when speaking at the 2011 SPE Arctic & Extreme Environments Conference in Moscow.
The Kashagan field, named after a 19th century Kazakh poet from Mangistau, is located in the Kazakhstan sector of the Caspian Sea and extends over a surface area of approximately 75 kilometers by 45 kilometers. The reservoir lies some 4,200 meters below the shallow waters of the northern part of the Caspian Sea and is highly pressured (770 bar of initial pressure). The crude oil that it contains has high ‘sour gas’ content.
The development of Kashagan, in the harsh offshore environment of the northern part of the Caspian Sea, represents a unique combination of technical and supply chain complexity. The combined safety, engineering, logistical and environmental challenges make it one of the largest and most complex industrial projects currently being developed anywhere in the world.
According to Kazakhstan geologists, geological reserves of Kashagan are estimated at 4.8 billion tons of oil. According to the project’s operator, the oilfield’s reserves are estimated at 38 billion barrels, with 10 billion barrels being recoverable. Besides, natural gas reserves are estimated at over 1 trillion cubic metres.
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%).
During the talks May 18 with Kazakhstan’s President Nursultan Nazarbayev, Paolo Scaroni, Eni Chief Executive Officer and General Manager, promised that “the first oil is expected in December 2012 or two-three months later than that”.