Baku, Azerbaijan, Oct. 1
By Elena Kosolapova - Trend:
Oil production at Kazakhstan's Kashagan field is expected to be resumed in the second half of 2016, Novosti-Kazakhstan reported on Oct. 1.
"Based on the data that we have got and on technical forecasts it should be the second half of 2016," Deputy Energy Minister Magzum Mirzagaliev said.
"Kashagan contains oil and we hope that after the replacement of pipes, we will start production in 2016," he added.
The launch of Kashagan, which has an approximate oil reserve of 38 million barrels (including 10 billion of recoverable reserves), has been delayed several times since 2005.
Eventually oil production at the field was launched on September 11, 2013, but was suspended two weeks later following detection of two gas leaks in the onshore section of the gas pipeline.
The project operator North Caspian Operating Co (NCOC) confirmed the need to completely replace the gas and oil pipelines at the field in April.
The total volume of investments in the project is currently equal to $50 billion.
Kashagan field is developed by consortium formed by Kazakh KazMunaiGas, Italian Eni, U.S. ExxonMobil, Anglo-Dutch Royal Dutch Shell, French Total, Japanese Inpex and Chinese CNPC.
Edited by T.T.