Kazakhstan's Ministry of Energy expects that the investment decision on the project to expand the oil and gas field Karachaganak will be made by 2018, said Deputy Energy Minister of Kazakhstan Magzum Mirzagaliev, reports IA News-Kazakhstan.
Completion of the designing of the Karachaganak field and making an investment decision about the transition to the realization of the future expansion project is expected by 2018.
Mirzagaliev said it will allow to keep the current level of production for a long term, as well as to create new jobs.
Discovered in 1979, the Karachaganak field is one of the largest gas condensate fields in the world. It is located in north-western Kazakhstan, and covers over 280 square kilometers area. Its estimated initial reserves of hydrocarbons hit 9 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.
Karachaganak produces about 49% of gas and 18% of oil production of Kazakhstan. Currently, interests in the Karachaganak consortium are distributed as follows: BG - 29,25%, Eni - 29,25%, Chevron - 18%, Lukoil - 13,5%, Kazakhstan's national oil and gas company "KazMunayGas" - 10%.