Raw materials extracted from Kazakh ‘Karachaganak’field hit 10 percent of its total reserves
Kazakhstan, Astana, March 5 / Trend, D. Mukhtarov /
The volume of extracted raw materials hit 10 percent of the total geological reserves of raw materials of the country's largest gas field "Karachaganak" during the period of its development, Kazakh Oil and Gas Minister Sauat Mynbayev said on Monday addressing a governmental hour in Majilis (parliament) on purchasing share in the Karachaganak project by Kazakhstan.
"During the period of field development, volume of extracted raw materials amounted to 10 percent of the total geological reserves," Mynbayev said.
He said at present Karachaganak project is being upgraded.
Mynbayev said that under the Production Sharing Agreement (PSA), about $38 billion was received, of which investments worth $17.3 billion was reimbursed to contractor. Net income of the project hit $20.7 billion, of which the country received $13 billion, $9.1 billion - in the form of taxes, while the contractor - the Consortium "Karachaganak Petroleum Operating" received $7.5 billion.
Karachaganak field is oil and gas field of Kazakhstan, located in West Kazakhstan region, near the Aksai city. The field was opened in 1979. Its commercial development began in mid-1980s by the Production Unit Orenburggazprom of the USSR Gas Industry Ministry.
Initially, the field in PSA terms is developed by international consortium consisting of British Gas and Eni (32.5 percent each), ChevronTexaco (20 percent) and Lukoil (15 percent). These companies joined the consortium "Karachaganak Petroleum Operating B.V." (KPO B.V.) to implement the Karachaganak project. In December 2011, an agreement was signed to sell 10-percent stake in the consortium of the Kazakhstan's National Oil Company "KazMunayGas" for $3 billion.
After the deal is concluded, it is expected that British Gas and ENI will preserve their 29.25-percent share, Chevron - 18 percent and Lukoil - 13.5 percent.
It is planned that KPO will operate the Karachaganak project until 2038.