Kazakhstan, Astana, April 23 / Trend D. Mukhtarov /
The schedule of Kashagan oil field development in the Kazakh sector of the Caspian Sea may be postponed, Kazakh Minister of Economy and Budget Planning Yerbolat Dossayev said at a government meeting today.
"It is necessary for the Oil and Gas Ministry to examine the possibility of increasing the oil production volume in other fields to ensure the production level in the planned volumes taking into account the possible postponement of launching Kashagan field development," Dossayev said.
It should be stressed it was planned to launch the commercial production at "Kashagan" field in June 2013.
Meanwhile, Oil and Gas Minister Sauat Mynbayev told media after the government meeting that launching of "Kashagan" field development may be postponed for this autumn.
If the field development is launched late, the consortium will incur expenses not to be reimbursed by Kazakhstan in accordance with the contract of 2008.
Recoverable oil reserves of Kashagan are estimated at 11 billion barrels by NCOC, whereas total geological raw material reserves of this oil-bearing structure stand at 35 billion barrels. It is believed that it is the largest oil field in the world after Prudo Bay field in Alaska (opened in 1968).
Within North-Caspian project, Kashagan is being developed by the North Caspian Operating Company (NCOC) consortium. Its shareholders are Agip Caspian Sea BV (16.81 per cent), KMG Kashagan B.V. (16.81 per cent), ConocoPhillips North Caspian Ltd. (8.4 per cent), ExxonMobil Kazakhstan Inc. (16.81 per cent), Inpex North Caspian Sea Ltd. (7.56 per cent), Shell Kazakhstan Development BV (16.81 per cent) and Total EP Kazakhstan (16.81 per cent).