CPC reveals volumes of Kashagan oil pumping
Baku, Azerbaijan, Oct. 18
By Elena Kosolapova – Trend:
Caspian Pipeline Consortium’s (CPC) system is expected to pump up to 1 tons of Kazakh Kashagan oil till the end of 2016 and up to 12 million tons of Kashagan oil in 2017, the consortium reported.
Oil production at huge Kashagan field has been launched in Oct. 2016. At the first stage of the field development Kashagan oil will be pumped to export by CPC pipeline system.
Currently CPC pipelines receive up to 10,000 tons per day and these volumes are expected to grow, according to the consortium.
“The pipeline system has necessary surplus capacities and is ready to meet the demand of its shareholders,” CPC General Director Nikolay Gorban said.
Kashagan is a large oil and gas field in Kazakhstan, located in the north of the Caspian Sea. Its total oil reserves amount to 38 billion barrels. Some 10 billion out of them are recoverable reserves. Kashagan’s natural gas reserve exceeds one trillion cubic meters.
CPC 1,511 km long pipeline system connects the oil fields in Western Kazakhstan with the Marine Terminal near Russian Novorossiysk. In 2017 the Caspian Pipeline Consortium will complete the Expansion Project and which will increase its capacity to 67 million tons of oil per annum. Kazakh producer will account for 56 million tons of that volume and Russian producers - for 11 million tons.
CPC Shareholders: Russia (represented by Transneft – 24 percent and CPC Company – 7 percent) – 31 percent; Kazakhstan (represented by KazMunaiGaz – 19 percent and Kazakhstan Pipeline Ventures LLC – 1.75 percent) – 20.75 percent; Chevron Caspian Pipeline Consortium Company – 15 percent, LUKARCO B.V. – 12.5 percent, Mobil Caspian Pipeline Company – 7.5 percent, Rosneft-Shell Caspian Ventures Limited – 7.5 percent, BG Overseas Holding Limited – 2 percent, Eni International N.A. N.V. – 2 percent и Oryx Caspian Pipeline LLC – 1.75 percent.
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