Kazakhstan holds recalculation of Karachaganak field reserves

Astana, Kazakhstan, Dec.19
By Daniyar Mukhtarov - Trend:
The Karachaganak Petroleum Operating B. V. consortium implementing the Karachaganak project in Kazakhstan, has completed recalculation of reserves at the Karachaganak field, a representative of one of the project's shareholder companies told Trend.
"Recalculation of reserves at Karachaganak field has been completed. The results have been submitted to the authorised body, the Ministry of Oil and Gas of Kazakhstan," the company representative said.
The representative said that based on the new recalculation of reserves of the Karachaganak field a new technological scheme of development will be created.
"The technological scheme is to be completed by late 2014 and from 2015, designing further development of the field which is the next phase of project expansion will begin," the representative stressed.
He went on to note that the next phase of expansion of Karachaganak should start from 2016 and be completed by 2020.
"This will allow to achieve an increase in volumes of gas that will be used mainly for re-injection," he said whilst refusing to give the exact volume of gas increase.
The Karachaganak field opened in 1979 and is one of the largest gas condensate fields in the world. It is located in north-western Kazakhstan and covers an area of over 280 square kilometres. Its estimated initial reserves of hydrocarbons are nine billion barrels of condensate and 48 trillion cubic feet of gas and the total estimated reserves exceed 2.4 billion barrels of condensate and 16 trillion cubic feet of gas.
The consortium includes five oil and gas companies. These are BG group (29.25 per cent), Eni (29.25 per cent), Chevron (18 per cent), LUKOIL (13.5 per cent) and KazMunaiGas (10 per cent). In 1997, the joint venture partners and authorised body representing the government of Kazakhstan founded the company in order to develop the Karachaganak field.