ASTANA, Kazakhstan, July 4. The NCOC (North Caspian Operating Company N.V.) company at the Kashagan field has, for the first time, reached a production level of 1 billion barrels of oil, Trend reports via NCOC.
The volume of oil production by North Caspian Operating Company N.V. (NCOC), the Operator of the North Caspian project, has reached one billion barrels since the launch of the Kashagan field.
“This historic milestone reflects stable production and progress of the North Caspian project, making a significant contribution to the socio-economic development of the Republic of Kazakhstan,” the company said.
Moreover, congratulating the team on this achievement, NCOC Managing Director Giancarlo Ruiu noted that since the start of production at the Kashagan field in 2016, the volume of oil produced has reached 1 billion barrels.
“This achievement truly represents the result of countless hours of hard work, thoughtful decisions, and genuine dedication that every party involved has brought to our production activities. The 1 billion barrel milestone, in many ways, is a moment that allows us to appreciate the path we have traveled and, at the same time, guides us towards future accomplishments. We sincerely thank our entire large team, the Government of Kazakhstan, project shareholders, and all our business partners for fruitful cooperation!” he added.
The North Caspian project is the first major project for the development of offshore oil and gas fields in the country. It includes Kashagan, Kairan, and Aktoty - fields of Kazakhstan, located in the northern part of the Caspian Sea. The project is being implemented based on a production sharing agreement signed by Kazakhstan and an international consortium of oil and gas companies in 1997.
The consortium consists of seven companies: KazMunayGas (16.88 percent), Eni, Shell, ExxonMobil, and TotalEnergies (each 16.81 percent), CNPC (8.33 percent), and Inpex (7.56 percent). Each company is responsible for the transportation and sale of its share of production and for fulfilling the obligations under the agreement.
