Kazakhstan acquires 10-percent share in Karachaganak oil and gas project

Kazakhstan acquires 10-percent share in Karachaganak oil and gas project

Kazakhstan, Astana, Dec.14 / Trend K.Konirova/

The Kazakh government and the shareholders of the Karachaganak oil and gas project signed an agreement to transfer a 10-percent share in the project to Kazakhstan on Wednesday. The project participants sold part of their shares in proportional terms.

After long-term negotiations that were held during the period from 2009 to 2011, the Karachaganak Consortium agreed to transfer 5-percent share for the benefit of Kazakhstan through resolving disagreements over the period until Dec.31, 2009, and additionally sell a 5-percent share in the project at market price, thus bringing Kazakhstan's share up to 10 percent, Kazakh government said.

In addition, taking into account Kazakhstan's joining the project as a participant, the country agreed to allocate additional quota to the Caspian Pipeline Consortium (CPC) in the amount of 0.5 million tons per year with a further increase up to 2 million tons per year.

Kazakhstan has confirmed the stability of the contract with the Karachaganak consortium.

Final completion of the deal depends on fulfillment of certain conditions by both parties and should happen within the first half of 2012.

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 major oil and gas fields in the world. About 49 percent of all gas and 18 percent of all oil production are extracted on this field.

The oil and gas field is being developed by Consortium Karachaganak Petroleum Operating BV. The Consortium members are the British BG and Italian Eni (each has 32.5 percent in the project), another 20 percent is owned by the U.S. Chevron, 15 percent - Russian Lukoil. Kazakhstan has not been involved in the project so far.

Kazakh government expressed its desire to get share in the project in 2009 for the first time.

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