Kazakhstan state oil and gas company KazMunaiGas said Friday that it has signed an agreement to join a Royal Dutch Shell PLC (RDSA) subsidiary responsible for managing production at the giant Kashagan oil field in the Caspian Sea.
Kazakhstan
state
oil and gas company KazMunaiGas said Friday that it has signed an agreement to
join a Royal Dutch Shell PLC (RDSA) subsidiary responsible for managing
production at the giant Kashagan oil field in the
Caspian
Sea
.
"As a result of signing this agreement, KMG and Shell have become official
partners in managing production operations, which allows the partners to join
their efforts for timely implementation of the project," the Kazakh
company said.
KazMunaiGas, or KMG, said it will be an equal partner with Shell in NC
Production Operations Company. "Presently, NCPOC is actively involved in
the implementation of the project," it said.
Kashagan is being developed by the North Caspian Operating Company consortium,
which is also developing the Kairan, Aktoty and Kalamkas oil fields, and will
be
Kazakhstan
's
largest oil producer in the next few years.
The consortium is expected to start commercial production from 2012. Oil
production will reach 1 million and 1.5 million barrels a day at the second and
third phases respectively.
KMG, Shell, ExxonMobil (XOM),
France
's
Total S.A. (TOT) and Eni SpA (E) of
Italy
each
own 16.81% in the consortium while ConocoPhillips (COP) and
Japan
's
Inpex Corp. (1605.TO) own 8.4% and 7.56% respectively.
Shell and KMG will assume the management of the production operations after the
startup of Phase 1. Shell took up this role following the revision and adoption
of a new operating model which stripped Eni of the status of the sole operator
of the Kashagan project last year.
A dispute between
Kazakhstan
and
the Kashagan consortium stemmed from repeated delays of the start of commercial
production. KMG boosted its stake in the project as part of a compromise in the
dispute.
Eni is currently in charge of the execution of the Experimental Program, Phase
1, of Kashagan development. During the second phase of the project, Eni will
manage the onshore plant and ExxonMobil will be responsible for the drilling.
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