Kashagan oil and gas project’s offshore part construction completed by 95 percent

Oil&Gas Materials 19 January 2012 11:37 (UTC +04:00)

Azerbaijan, Baku, Jan. 19 / Trend E. Kosolapova/

The construction of the offshore part of the North-Caspian project of developing the giant oil and gas field Kashagan in Kazakhstan is completed by 95 percent, Kazinform reported referring to Agip KCO company.

According to Agip KCO, the consortium developing Kashagan field plans to start offshore oil production in late 2012.

Kashagan is Kazakhstan's super-giant oil and gas field located in the north of the Caspian Sea. According to the Kazakh geologists, geological reserves at Kashagan are estimated at 4.8 billion tons of oil.

Up to 50 million tons of oil will be extracted in the first stage of experimental-industrial development in the field annually. Oil export from the field can be doubled in the second phase scheduled for 2018 -2019.

At present, the largest participants of the Kashagan project are the companies Eni (roughly 16.81 percent), KMG (roughly 16.81 percent), Total (roughly 16.81 percent), ExxonMobil (roughly 16.81 percent), and Royal Dutch Shell (roughly 16.81 percent). Other participants are ConocoPhillips (8.4 percent) and Inpex (7.56 percent). The project is managed by North Caspian Operating Company, or NCOC.

Eni's subsidiary Agip KCO is responsible for implementing the first phase of developing the Kashagan field and the project of the onshore elements in the second phase of the Kashagan development.