KazMunaiGaz To Reduce Cost Of Kashagan Oil Field Development In Kazakhstan
JSC NC KazMunaiGaz (KazMunaiGaz) and the Kashagan consortium members have launched an initiative to reduce the cost to develop the Kashagan oil field. The global economic crisis has had a significant impact on the world market, which, in turn, to some extent reflected in the respective obligations of the project participants. Therefore, under this initiative the company will take necessary efforts to bring existing contracts into compliance with new conditions.
These circumstances will be considered in further negotiations and discussions on future contracts. These solutions will enable the Republic of Kazakhstan and the parties Kashagan consortium to reduce project costs, while adhering to the approved phases of development and the agreed time-frame for the start of oil production on the field.
Members of the consortium are KazMunaiGaz 16.81%, Eni S.P.A 16.81%, Exxon Mobil Corporation 16.81%, Royal Dutch Shell plc 16.81%, Total S.A 16.81%, ConocoPhillips 8.40%, and INPEX Corporation 7.56%.
North Caspian Operating Company is acting on behalf of the seven participants in the consortium as an operator for evaluation and development of hydrocarbon reserves in the eleven offshore blocks under production sharing agreements for the North Caspian Sea (PSA), signed in 1997.
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