ASTANA, Kazakhstan, April 2. Remaining recoverable oil and condensate reserves at Kazakhstan's Karachaganak field amount to 253 million tons as of January 1, 2024, Energy Minister Almassadam Satkaliev said at a government meeting, Trend reports.
"As of January 1, 2024, the remaining recoverable reserves of oil and condensate amount to 253.2 million tons, and gas, 791.7 billion cubic meters," he said.
As the minister noted, as part of the future development of the field, it is planned to implement investment projects for the expansion of Karachaganak until 2028.
"These measures will help maintain production at 11 million tons per year," Satkaliyev noted.
To note, the Karachaganak oil and gas condensate field, located in the West Kazakhstan region, is one of the largest oil and gas condensate fields in the world, with geological initial reserves of more than 1.7 billion tons of liquid hydrocarbons and more than 1.7 trillion cub. m. of gas. The field was discovered in 1979, and pilot development of the field began in 1984.
The Karachaganak project is being implemented under the Final Production Sharing Agreement (FPSA) concluded between the government of Kazakhstan and the Alliance of Companies, represented by Shell with 29.25 percent, ENI with 29.25 percent, Chevron with 18 percent, Lukoil with 13.5 percent, and KazMunayGas JSC with 10 percent shares. The agreement was signed on November 18, 1997, for a period of 40 years, and entered into force on January 27, 1998.
