Azerbaijan, Baku, July 23 / Trend S. Suleymanov /
JSC National Company KazMunaiGas (KMG) and Shell Kazakhstan Development BV (Shell) signed the shareholder agreement within the North-Caspian project. According the agreement, KMG has joined the company for the extraction and exploitation - NC Production Operations Company BV (NCPOC) on equal terms with Shell, the press service of the Kazakh company said.
"The deal is realized by KMG Kashagan BV (100 percent subsidiary of KMG). As a result of the signing of this agreement, KMG and Shell become the official partners for the mining operation and maintenance that allows them to combine efforts for the timely implementation of the project," the press release of the company said.
The message said that according to the operating model of the North-Caspian project, NCPOC agency is a company authorized to conduct mining operations and maintenance on behalf of NCOC - operator of Production Sharing Agreement for the North Caspian Sea.
NCPOC was established in 2008 as a 100 percent subsidiary of Shell. When it was established, KMG's subsequent joining NCPOC on equal terms with Shell was ensured. NCPOC is actively involved in work on the project.
"KMG's participation in NCPOC shows the planned steps of the National Company to increase its role in the project and involvement of the Kazakh side in the strategic development of the project," a press release said.
JSC National Company KazMunaiGas is Kazakh national operator for the exploration, production, processing and transportation of hydrocarbons. It represents the state interests in oil and gas industry of Kazakhstan. JSC National Welfare Fund SamrukKazyna owns 100 percent of KazMunaiGas's shares.
The North-Caspian project is implemented under the Production Sharing Agreement for the North Caspian Sea, signed Nov. 18, 1997. It includes the Kashagan field, Kairan, Aktoty, Kalamkas. Kashagan is the largest deposit in the world, opened for the last 40 years.
NCOC - North Caspian Operating Company BV is the sole operator of the North-Caspian project. Stockholders are NCOC are Agip Caspian Sea BV (16,81 percent), KMG Kashagan B.V. (16,81 percent), Conocophillips North Caspian Ltd. (8,40 percent), ExxonMobil Kazakhstan Inc. (16,81 percent), Inpex North Caspian Sea Ltd. (7,56 percent), Shell Kazakhstan Development B.V. (16.81 percent) and Total E & P Kazakhstan (16,81 percent).