Azerbaijan, Baku, Jan. 18 / Trend E. Kosolapova/
The Consortium developing the major Kazakh Kashagan oil and gas field, has completed a progress review of Phase I - the Experimental Program - of the Kashagan Project, the Stakeholder Relations General Manager of North Caspian Operating Company B.V. (NCOC) Erikzhan Issengaliyev wrote Trend in an e-mail.
"The results of cost and schedule review of Kashagan Phase I are currently being considered in close cooperation with the Kazakh authorities," Issengaliyev said.
Issengaliyev declined to comment the details and terms of the negotiations with the authorities due to the confidentiality of information to the venture parties.
Kashagan is Kazakhstan's super-giant oil and gas field located in the north of the Caspian Sea.
According to the Kazakh geologists, geological reserves at Kashagan are estimated at 4.8 billion tons of oil.
Up to 50 million tons of oil will be extracted in the first stage of experimental-industrial development in the field annually. According to the former Kazakh Deputy Oil Minister and actual head of Kazakh National oil and gas company KazMunaiGas Lyazzat Kiinov, oil production in the field is slated to begin in June 2013. Oil export from the field can be doubled in the second phase scheduled for 2018 -2019.
At present, the largest participants of the Kashagan project are the companies Eni (roughly 16.81 percent), KMG (roughly 16.81 percent), Total (roughly 16.81 percent), ExxonMobil (roughly 16.81 percent), and Royal Dutch Shell (roughly 16.81 percent). Other participants are ConocoPhillips (8.4 percent) and Inpex (7.56 percent). The project is managed by North Caspian Operating Company, or NCOC.
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