Kashagan site.news_by_theme

Oil prices gain despite rising OPEC supply forecast
Oil prices gain despite rising OPEC supply forecast

Oil prices on the rise joining the positive movement on equities markets despite a new forecast from producing countries for 2017.

Oil prices gain despite rising OPEC supply forecast
Reuters ©
Standard & Poors no longer takes Kashagan into account when assigning ratings to Kazakhstan

The project is likely to be regarded as ad addition to the current economic growth model that has been recently shaped: S&P’s Associate Director Karen Vartapetov.

Standard & Poors no longer takes Kashagan into account when assigning ratings to Kazakhstan
REUTERS ©
Kazakhstan still planning to resume production at Kashagan late 2016

Kashagan oil project in the Caspian offshore will be economically viable with oil rices standing at $100 per barrel, a Tengrinews.kz journalist reported earlier, citing Sauat Mynbayev, KazMunaiGas Chairman of the Board.

Kazakhstan still planning to resume production at Kashagan late 2016
Photo © REUTERS
KazMunayGas to sell half of its Kashagan share to Samruk-Kazyna

KazMunayGas JCS (KMG) is selling 50% of the company’s share in Kashagan to the National Welfare Fund Samruk-Kazyna of Kazakhstan for almost $4.7 billion.

KazMunayGas to sell half of its Kashagan share to Samruk-Kazyna
REUTERS ©
Kazakhstan will not be compensating for expenses to replace pipes at Kashagan: Prime Minister

Commercial production at Kashagan started September 11, 2013. However, it was suspended 2 weeks later due to a gas leakage. The production process was resumed shortly. However, another leakage was detected in October.

Kazakhstan will not be compensating for expenses to replace pipes at Kashagan: Prime Minister
Photo © Turar Kazangapov
Kazakhstan has enough oil, even without Kashagan: Nazarbayev

President Nursultan Nazarbayev believes Kazakhstan has enough oil even without Kashagan oil field at the Caspian sea.

Kazakhstan has enough oil, even without Kashagan: Nazarbayev
Kazakhstan's President Nursultan Nazarbayev and Total's CEO Patrick Pouyanné. Photo courtesy of Akorda.
Nazarbayev meets French Total CEO

Kazakhstan’s President Nursultan Nazarbayev has met with the CEO of French oil giant Total Patrick Pouyanne on Tuesday, April 14.

Nazarbayev meets French Total CEO
Standard & Poor’s lowers Kazakhstan long-term ratings
Standard & Poor’s lowers Kazakhstan long-term ratings

Standard & Poor’s has lowered Kazakhstan long-term ratings over dwindling revenues of the oil-rich country amid the global oil turbulence.

Standard & Poor’s lowers Kazakhstan long-term ratings
REUTERS ©
Kashagan economically viable with prices for oil at $100 per barrel

Both Tengiz and Karachaganak oilfields are effective projects, with the break even point being much lower that of Kashagan: Sauat Mynbayev, KazMunaiGas Chairman of the Board.

Kashagan economically viable with prices for oil at $100 per barrel
Photo courtesy of m-astana.kz
Pipeline havoc at Kashagan: no losses for Kazakhstan, no refund for NCOC

Production at Kashagan field remains halted for an unspecified time; the need to replace pipes threatens the future of the oil project.

Pipeline havoc at Kashagan: no losses for Kazakhstan, no refund for NCOC
Kashagan oil and gas field. ©REUTERS
Dropping oil prices cast a shadow of unprofitability over Kashagan

The falling oil prices put the entire Kashagan project in question. Kashagan is a huge oil field located in Kazakhstan's sector of the Caspian Sea.

Dropping oil prices cast a shadow of unprofitability over Kashagan
REUTERS ©
New pipelines to be delivered to Kashagan early 2015

According to the Energy Minister, of today the project subcontractors have purchased around 45 kilometers of pipelines.

New pipelines to be delivered to Kashagan early 2015
CEO of French oil group Total Christophe de Margerie. Photo courtesy of top.rbc.ru.
Death of Total CEO will not affect Kashagan project: Kazakh Vice-Minister of Energy

Tragic death of the CEO of French oil giant Total Christophe de Margerie will not affect the development of Kashagan field in Kazakhstan.

Death of Total CEO will not affect Kashagan project: Kazakh Vice-Minister of Energy
Kashagan ©REUTERS
Kashagan project cost may rise again

The cost of Kashagan project is estimated to rise by another $4 billion, Financial Times reports.

Kashagan project cost may rise again
© RIA Novosti
Kazakhstan to see crude production output decline in 2015

Last year we planned this year’s crude production output would make up 83 million tons. We plan the figure to make up 81.8 million tons, with exports standing at 54 million tons: Finance Minister Bakhyt Sultanov.

Kazakhstan to see crude production output decline in 2015
Oil production at Kashagan to be resumed in 2016: Kazakhstan’s Oil Minister

According to him, at Kashagan both the oil and gas pipes have to be fully changed. 200 km of pipes have to be purchased to replace the damaged pipes.

Oil production at Kashagan to be resumed in 2016: Kazakhstan’s Oil Minister
Kashagan oil field. ©Reuters
Kashagan to be developed by consolidated company

Kashagan will be developed by a consolidated joint venture company.

Kashagan to be developed by consolidated company
Kashagan is one of the largest oil reserves in the world ©REUTERS
Kashagan pipes replacement to increase costs eightfold: expert

700 percent is the estimated increase in the original cost of the Kashagan oil field project after the complete replacement of its pipelines.

Kashagan pipes replacement to increase costs eightfold: expert
Photo courtesy of minplan.gov.kz
Ongoing crisis in Ukraine negatively affects Kazakhstan's economy: Dossayev

Kazakh Minister of Economy and Budget Planning Yerbolat Dossayev said that the ongoing crisis in Ukraine and the slowdown of the Russian economy posed risks to the Kazakhstan economy.

Ongoing crisis in Ukraine negatively affects Kazakhstan's economy: Dossayev
©REUTERS
Workers producing parts of equipment for Kashagan go on strike

Dozens of workers launched the campaign to demand the salaries owed to them since December 2013.

Workers producing parts of equipment for Kashagan go on strike