KMG to finalize talks on purchase of shares in Karachaganak
Kazakhstan, Astana, Sept. 7 / Trend A.Maratov /
The Kazakh national company KazMunaiGas (KMG) will complete by late October the negotiations to acquire a 10-percent stake in the Karachaganak project, Kazakh National Welfare Fund "Samruk-Kazyna" Board Chairman Timur Kulibayev told journalists today.
Karachaganak with reserves of 1.2 billion tons of oil and condensate and more than 1.35 trillion cubic meters of gas is one of the largest operating oil and gas fields in the world. The Karachaganak field produces about 49 percent of all gas and 18 percent of all oil production in Kazakhstan.
Karachaganak Petroleum Operating (KPO) is a consortium of companies joined together to implement the Karachaganak project. The consortium includes BG Group, Eni, the share of each of which is 32.5 percent, and Chevron - 20 percent and Lukoil - 15 percent.