Eni company expects larger contribution from Kashagan to its production growth
Baku, Azerbaijan, Oct.26
By Leman Zeynalova – Trend:
Eni S.p.A, an Italian multinational oil and gas company, expects larger contribution from Kazakhstan’s Kashagan oil field to its production growth as of 2018, the company said in its report.
“Production growth will be driven by: continuing production ramp-up at the fields started up in 2017, in Zohr and Noroos in Egypt, Jangrik in Indonesia and OCTP oil in Ghana, start-ups of the period (Ochigufu, OCTP gas phase, Bahr Essalam phase 2 and Wafa Compression), a larger contribution from the Kashagan, Goliat and Val d’Agri fields, as well as the contribution of the new venture in UAE,” said the company.
The report shows that the company’s oil and gas production in the third quarter of 2018 was also driven by higher production at the Kashagan field, alongside with other fields.
“In the third quarter of 2018, oil and natural gas production averaged 1,803 kboe/d, unchanged from the third quarter of 2017 (1,844 kboe/d in the nine months of 2018; up by 3 percent). This performance was driven by the ramp-up at fields started up in 2017, mainly in Egypt, Indonesia, Congo and Ghana and the 2018 start-ups (with a total contribution of 284 kboe/d), as well as higher production at the Kashagan field and in Italy as well as the acquisition of the two Concession Agreements Lower Zakum (5 percent) and Umm Shaif/Nasr (10 percent) producing offshore in the United Arab Emirates,” said the report.
Kashagan is an offshore oil field in Kazakhstan's sector of the Caspian Sea. The field, discovered in 2000, is considered the world's largest discovery in the last 30 years, combined with the Tengiz Field.
It is estimated that the Kashagan Field has recoverable reserves of about 13 billion barrels of crude oil. Commercial production at Kashagan began in November 2016. It has been designated as the main source of supply for the Kazakhstan-China oil pipeline.
North Caspian Operating Company consortium (NCOC, operator of Kazakhstan's Kashagan oil field) started experimental program in Kashagan in 2016. The shareholders of the consortium are KMG Kashagan B. V., Shell Kazakhstan Development B.V., Total E&P Kazakhstan, Agip Caspian Sea B.V., ExxonMobil Kazakhstan Inc. (16.8 percent each), CNPC Kazakhstan B. V. (8.3 percent), Inpex North Caspian Sea Ltd. (7.5 percent).
Follow the author on Twitter: @Lyaman_Zeyn