Azerbaijan, Baku, Dec. 16 / Trend E. Kosolapova/
Acquisition of a 10 percent stake in the Karachaganak oil and gas project by Kazakhstan's KazMunaiGaz (KMG) National Company will not have a rating impact on KMG and two co-operators of the project: the UK's BG and Italy's ENI, Fitch reported on Thursday.
According to Fitch, KMG's actual rating is 'BBB-'/Positive, BG's rating is 'A'/Stable, ENI's rating is 'A+'/Stable.
"At the same time, the agreement is likely to facilitate the next phase of the project development which has been postponed mainly due to a taxation and cost recovery related dispute with the government," Fitch said.
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 Dec, 14. The project participants sold part of their shares in proportional terms. The agreement will come into force until the middle of 2012.
Earlier, the field was 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 was not involved in the project.
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.
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