Kazakh President, Italian Eni CEO discuss major oil and gas fields development
Azerbaijan, Baku, Oct.2/ Trend, E. Kosolapova /
President of Kazakhstan Nursultan Nazarbayev discussed the development of Kashagan and Karachaganak fields with Eni company's CEO Paolo Scaroni, presidential press service reported on Tuesday.
"Issues of cooperation in oil and gas industry, in particular, the development of the Kashagan and Karachaganak fields were discussed," the report says.
Scaroni informed Nazarbayev on the course of fulfillment of the Agreement on cooperation and mutual understanding on making investments in industrial infrastructure of the Republic of Kazakhstan, signed between the National Oil Company of Kazakhstan "KazMunaiGas" and the company Eni in 2009.
The President got acquainted with the joint projects to build a shipyard on the Caspian Sea and gas turbine power plant in West-Kazakhstan region.
Kashagan is one of the largest fields in the world discovered in the last 40 years. According to analysts, with Kashagan Kazakhstan has potential to join top five of largest oil companies in the world. Earlier it was planned to start production in Kashagan in 2005, but due to technical difficulties this term was postponed to late 2012-early 2013.
Kashagan project partner-companies are Eni, KMG Kashagan BV, Total, ExxonMobil, Royal Dutch Shell having approximately 16.81 percent stake, ConocoPhillips - 8.4 percent, and Inpex - 7.56 percent. The project is being developed by the NCOC consortium.
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 Kazakhstan's gas production and 18 percent of oil production are extracted on this field.
BG Group has 29.25 percent in the project, Eni - 29.25 percent, Chevron -18 percent, Lukoil -13.5 percent and Kazakhstan -10 percent.