Production at Kashagan field to grow by end of 2018
Baku, Azerbaijan, June 28
By Leman Zeynalova - Trend:
By the end of the year, oil production at the Kashagan field in Kazakhstan is expected to increase, the Minister of energy Kanat Bozumbayev said, the Kazakh media reported.
He noted that, the daily oil production at the Kazakhstan’s "Kashagan" field reached 320,000-330,000 barrels.
However, Bozumbayev said the increase in production at Kashagan will not affect the country's obligations to OPEC, as this is partially offset by a drop in production at other fields.
The plans to increase production at the field to 370,000 barrels are still on the agenda, he added.
In May of this year, Bozumbayev said it is planned to reach the production level of 370,000 barrels per day at the Kashagan field in 2019.
The Kashagan field in the northern part of the Kazakhstan sector of the Caspian Sea is one of the largest oil fields discovered over the past 40 years. Its recoverable reserves are estimated at approximately 9-13 billion barrels of oil.
North Caspian Operating Company BV (NCOC) consortium is engaged in the development of the field. Currently, the composition of shareholders of NCOC is as follows: Kazakhstan KMG Kashagan B.V. – about 16.88 percent, Agip Caspian Sea B.V. - about 16.81 percent, ExxonMobil Kazakhstan Inc. - about 16.81 percent, Shell Kazakhstan Development B.V.-about 16.81 percent, Total EP Kazakhstan - about 16.81 percent, Inpex North Caspian Sea Ltd. - 7.56%, and CNPC Kazakhstan B. V. - 8.33%.
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