BAKU, Azerbaijan, Dec.19
By Nargiz Sadikhova - Trend:
Annual oil output in Kazakhstan is forecast to reach 105 million tons by 2025, Trend reports with reference to Kazakhstan’s Ministry of Energy.
According to the ministry, over the course of three years of the Kashagan project’s development the volume of revenue to the budget amounted to nearly $700 million.
Furthermore, NCOC has reached a record breaking volume of oil extraction at the field (390,000-400,000 barrels a day).
Projects of Kashagan field expansion being implemented since 2017 (worth $2 billion) are aimed to reach oil output at the level of 420,000 barrels a day in 2022 and 500,000 barrels a day in 2027.
Presently, Kazakhstan’s Ministry of Energy is waiting for NCOC to submit the concept of large scale Kashagan field development within the framework of future work on the field.
In turn, Karachaganak field has provided for payment to the budget worth $34.8 billion over the period from 1997 to 2019.
Currently the priority of operating on the field is the extension of the efficient field development. This year, Karachaganak Expansion project was being implemented (worth $4.5 billion), which will allow to maintain output volume at the field.
Furthermore, Tengiz oil field was recognized as the main driver of country’s energy sector development. Thus, payments to the budget from the Tengiz project implementation exceeded $143 billion over the period from 1993 to 2019.
Currently work on the project of Tengiz expansion is underway, which will allow to increase annual oil output by 12 million tons starting from 2023.
The actual value of funds used for the project’s implementation is $28.5 billion, actual value of procurement within the project is $6.3 billion.
Currently Tengizchevroil company which is developing the field has signed 31 agreements with Kazakh companies, 18 of which have not previously worked with Tengizchevroil.
Developed with an estimated investment of £45bn ($55 billion), Kashagan phase one represents the biggest international investment in Kazakhstan till date. Developed in harsh offshore environment, it is also considered to be one of the world’s most technically challenging oil and gas project completed so far.
Karachaganak is one of the largest oil and gas condensate fields in Kazakhstan. Karachaganak Petroleum Operating produces oil and gas from the Karachaganak field. The shares in the consortium are as follows: Eni - 29.25 percent, Royal Dutch Shell - 29.25 percent, Chevron - 18 percent, Lukoil - 13.5 percent and KazMunayGas - 10 percent.
Kazakhstan’s Tengiz oil field ranks as the world’s deepest producing giant oil field and the largest single-trap producing reservoir in existence. Nearby is another world-class reservoir called the Korolev Field. Chevron company holds a 50-percent interest in Tengizchevroil, which operates the two fields.
---
Follow the author on twitter: @nargiz_sadikh