ASTANA, Kazakhstan (Dow Jones)--Kazakh state energy company KazMunaiGas will increase its involvement in managing Kazakhstan's largest oil field Kashagan following an agreement with Eni SpA-led (E) consortium that a Kazakh stake be doubled, Maksat Idenov, First Vice-President of KazMunaiGas told Dow Jones Newswires.
"The (Kashagan) project has existed for 10 years and only nine out of 200 people represented KazMunaiGas in the consortium's corporate center," Idenov said in an interview Wednesday. "I totally disagree with this."
Idenov argued that Kazakh specialists should be involved in the consortium's decision-making process at all levels given the doubling of the Kazakh stake to the level of the largest consortium members.
"This is the only opportunity for Kazakh specialists to get experience and knowledge by working on real (oil and gas) projects," Idenov said, adding that Kazakhs would also make to the top management of the consortium developing Kashagan given they meet international standards to secure top jobs.
The consortium that develops Kashagan, an oil field in the Caspian Sea, earlier this week agreed that KazMunaiGas' stake be increased to 16.8% from 8.3% following long and intense talks that started in August. The other big shareholders - Eni, ExxonMobil Corp (XOM), Total SA (TOT) and Royal Dutch Shell PLC (RDSB.LN) - will also each hold 16.8%, down from 18.5%. The remaining two shareholders, ConocoPhillips (COP) and Inpex Holdings Inc. (1605.TO), will also see their stakes diminish.