KazMunayGas and NCOC assess progress in Kashagan field

Kazakhstan Materials 19 June 2024 10:22 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, June 19. Kazakhstan's KazMunayGas (KMG, the national oil and gas company) and North Caspian Operating Company N.V. (NCOC), the operator of the Kashagan field, have discussed the development of the Kashagan field, Trend reports.

Negotiations on this topic took place between the Chairman of the Board of KMG Askhat Khassenov and the NCOC Managing Director Giancarlo Ruiu.

The parties emphasized compliance with high standards of safety and labor protection. It was noted that record production figures of 18.8 million tons, achieved at Kashagan at the end of 2023, confirm the enormous potential of the field.

The interlocutors agreed that the importance of Kashagan's raw materials will only grow given the development of petrochemical production and low-carbon development in the country.

Khassenov noted that KMG, as a shareholder, will support NCOC’s social projects aimed at improving the living conditions of the region’s residents and developing infrastructure.

Meanwhile, the volume of oil production at Kazakhstan's Kashagan field for the share of KMG amounted to 780,000 tons (68,000 barrels per day) from January through March 2024. According to KMG's data, compared to the same period in 2023, the volume of oil production decreased by 1.7 percent.

Simultaneously, gas production hit the mark of 501 million cubic meters, which is on par with the figure for the first quarter of 2023.

To note, the Kashagan field is an offshore oil field in Kazakhstan's zone of the Caspian Sea. The development of the field is carried out by the international joint venture North Caspian Operating Company (NCOC) in accordance with the production sharing agreement dated November 18, 1997. Industrial production at the field began on September 11, 2013.