BAKU, Azerbaijan, Jul. 27
By Nargiz Sadikhova - Trend:
Karachaganak Petroleum Operating B.V. (KPO), which is developing Kazakhstan’s Karachaganak oil field, has extracted 75 million barrels of oil equivalent in 1H2020, Trend reports with reference to KPO.
The company has also re-injected 5 billion cubic meters of gas, which is 49.3 percent of the total volume of gas extracted.
To date, a total of $26.6 billion were invested into the field’s development, the report said.
“Despite the downturn in the global oil and gas industry, further exacerbated by the COVID-19 pandemic, the company's production facilities operate in strict accordance with all safety requirements and production plans for 2020,” the report said.
The report also said that the company’s production figures are ahead of the budget. KPC Gas Production Restriction Removal Project and Project of the 4th Re-Injection Compressor are under implementation.
Furthermore, gas utilization at the field amounted to 99.9 percent in 1H2020, which indicates achieving world class. To date, KPO’s investments value into averment preserving projects amounted to $417 million.
Share of Kazakhstan’s companies in KPO procurement in 1H2020 amounted to 59 percent or over $331 million in value.
KPO is also taking a number of measures to implement socially important projects in West Kazakhstan region. To date, the value of investments into these projects amounted to $416 million.
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.
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