BAKU, Azerbaijan, Apr. 5
By Nargiz Sadikhova - Trend:
Japanese INPEX energy company has agreed with Kazakhstan’s government on extending the evaluation period of the Aktote/Kairan structures in 2020, Trend reports citing the company’s 2020 report.
The evaluation was extended by five years and continuing development scenario studies.
The company has a 7.56 percent of Participating Interest in Kazakhstan’s Kashagan field and the PSA is relevant until 2031.
Current PSC provide options to extend the contract period by 10 years twice (until 2041).
The Kashagan field is one of the three largest oil fields located in the northern part of the Kazakh sector of the Caspian Sea. Its recoverable reserves reach approximately 9-13 billion barrels (1-2 billion tons) of oil.
The first commercial oil production started at Kashagan in 2016. The project operator North Caspian Operating Company (NCOC) shipped the first million tons of oil for export in early 2017.
NCOC has reached a record-breaking volume of oil extraction at the field (390,000-400,000 barrels a day) in 2019.
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