Baku, Azerbaijan, Nov. 23
By Elena Kosolapova – Trend:
Over 350,000 tons of Kashagan oil has been pumped through the pipeline system of the Caspian Pipeline Consortium as of November 19, the consortium reported Nov. 23.
This week Kazakh Energy Minister Kanat Bozumbaev said that 479,000 tons of commercial oil had been produced at Kashagan since the launch of the field on Sept. 28.
Kashagan reached a commercial production level on November 1. All the facilities of the CPC system were ready to receive additional oil volumes by that time, the consortium said.
Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. Its recoverable oil reserves amount to 9-13 billion barrels.
CPC’s 1,511-km pipeline system connects the oil fields in Western Kazakhstan with the Marine Terminal near Russia’s Novorossiysk.
In 2017, the Caspian Pipeline Consortium will complete an expansion project and increase its capacity to 67 million tons of oil per annum.
CPC shareholders are Russia (represented by Transneft – 24 percent and CPC Company – 7 percent) with 31 percent, Kazakhstan (represented by KazMunaiGaz – 19 percent and Kazakhstan Pipeline Ventures LLC – 1.75 percent) with 20.75 percent, Chevron Caspian Pipeline Consortium Company with 15 percent, LUKARCO B.V. with 12.5 percent, Mobil Caspian Pipeline Company with 7.5 percent, Rosneft-Shell Caspian Ventures Limited with 7.5 percent, BG Overseas Holding Limited with 2 percent, Eni International N.A. N.V. with 2 percent and Oryx Caspian Pipeline LLC with 1.75 percent.