Negotiations on Karachaganak field must complete by late 2011 (UPDATE)

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05.10.2011 18:44

Kazakhstan, Astana, Oct. 5 / Trend A. Maratov /

The negotiations on the "Karachaganak" field between the Kazakh government and shareholders of the project must be completed by the end of this year, Samruk Kazyna National Welfare Fund chairman of board Timur Kulibayev told press on Wednesday.

Kazakh Oil and Gas Minister Sauat Mynbayev earlier said that the negotiations on this project will last another six months.

Kulibayev said that the negotiations are held in two phases. "The first phase involves resolving the organizational issues, and the second - a commercial issue," he said. "It concerns purchasing 10 percent of Kazakhstan's share in this project."

He said that the matter rests in the amount from $ 700 million to $ 1.1 billion.

"It is a matter of negotiations," he said. "Commercial negotiations will take place after the first phase is completed."

"Karachaganak" has 1.2 billion tons of oil and condensate and more than 1.35 trillion cubic meters of gas. It is one of the largest operating oil and gas fields in the world. About 49 percent of gas and 18 percent of oil production are extracted in this field.

Karachaganak Petroleum Operating is a consortium of companies joined together to implement the Karachaganak project. The consortium includes BG Group, Eni. Each of them has 32.5 percent and Chevron - 20 percent and "LUKOIL" - 15 percent.

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