Kazakhstan, Astana, Dec. 13 / Trend K. Konyrova/
Main investments into Karachaganak oil and gas project will come in future, Head of British gas Frank Chapman told Trend after signing ceremony of the agreement on transfer of 10-percent share in the project to Kazakhstan.
"This field will produce for more than a hundred years, and there are many phases of investment still to come," Chapman said.
According to Chapman, the parties have cleared up all the issues accumulated in recent times, and set the sign for further multibillion dollar investments into the project.
Moreover, Chapman said the deal on transfer of Karachaganak's share to Kazakhstan is very profitable for all participants.
"Today is very big day for the partnership, it is good deal for the both sides," Chapman said.
"We are going to start a new project... I am very optimistic about the future development," Chapman added.
According to Chapman, the third phase of the project, engineering and design will be launched immediately.
The Kazakh government and the shareholders of the Karachaganak oil and gas project signed an agreement on Wednesday to transfer a 10-percent share in the project to Kazakhstan. The project participants sold part of their shares in proportional terms.
Karachaganak with reserves of 1.2 billion tons of oil and condensate and more than 1.35 trillion cubic meters of gas is one of the major oil and gas fields in the world. About 49 percent of all gas and 18 percent of all oil production are extracted on this field.
The oil and gas field is being developed by Consortium Karachaganak Petroleum Operating BV. The Consortium members are the British BG and Italian Eni (each has 32.5 percent in the project), another 20 percent is owned by the U.S. Chevron, 15 percent - Russian Lukoil. Kazakhstan has not been involved in the project so far.
Edited by E. Kosolapova
