▲ Up
 
05:29 13-12-2017
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Karachaganak expansion cost halved: Envoy
Central Asia | business | 10:58, 19 June 2017 | 1268

AKIPRESS.COM -

The estimated cost of a project to boost output at the Karachaganak gas condensate field in Kazakhstan has been halved from last year's $9 billion, a senior Kazakh energy official told Reuters.

The cost may be reduced even further, said Murat Zhurebekov, chief executive of PSA LLC, a unit of state energy firm KazMunayGaz tasked with representing the Central Asian nation in some of its largest joint ventures with global majors.

Zhurebekov did not say how the costs estimate had been revised, but said the review reflected lower crude prices.

Kazakhstan is seeking $1.6 billion from the consortium of foreign investors operating Karachaganak, according to a 2016 report by Lukoil. The Astana government has said the dispute was about calculations of the parties' shares in the field's output.

But Energy Minister Kanat Bozumbayev, who spoke to reporters separately on Friday, said the dispute, which Kazakhstan has taken to international arbitration, would have no effect on the project which aims to ensure that the field maintains its peak output for a longer period.

"I have met a delegation of the Karachaganak consortium today," he said. "They do not link these two issues."

Eni and Royal Dutch Shell each own 29.25 percent of the Karachaganak project in northwest Kazakhstan, which they jointly operate. Kazakh state-owned KazMunayGaz owns 10 percent, Chevron Corp 18 percent and Lukoil 13.5 percent.

One of the world's largest oil and gas deposits, Karachaganak contains 1.2 billion tonnes of oil and gas condensate and more than 1.35 trillion cubic metres of gas. It produced 139.7 million barrels of oil equivalent in 2016, down 1.4 percent from a year earlier. 

LATEST NEWS
17:42 Kyrgyzstani wins bronze at WTF Taekwondo tournament in Korea17:39 Ainura Sultanbayeva appointed Deputy Minister of Culture17:14 Uzbek, Turkmen FMs discuss ties17:08 Turkmen FM, Russian Deputy FM discuss ties16:54 Transport Ministry says "successfully passed ICAO audit"16:40 Chinese citizen detained for recruitment of Kyrgyzstanis to Syria – MFA16:25 Government of Kyrgyzstan suggests to give 4 resorts once taken from Uzbekistan back16:14 21yo cadet from Kyrgyzstan commits suicide in Russia's FSB Border Academy16:10 Kyrgyzstan denies entry for 182 tons of non-enriched flour from Kazakhstan15:57 Al-Nusra Front member who participated in hostilities in Syria arrested in Jalal-Abad15:55 Valentina Shevchenko: 'My goal remains the same – to become champion of UFC'15:46 Bir Bol faction nominates Iskhak Pirmatov for chairman of parliament committee for international affairs, defense and security15:19 Charles Jenkins, Cold War Defector To North Korea, Dies At 7715:15 Ambassador of Mongolia delivers credentials to Grand Duke of Luxembourg15:09 WB to allocate $200 million for energy-saving technologies in Uzbekistan14:54 Local self-government bodies from Issyk-Kul and Batken regions to have a roundtable to showcase their best practices in service delivery and management14:43 One of main reasons of Kulmatov's appointment as Chairman of State Customs Service is that he is not the new one for Service's personnel: PM Isakov14:42 Mirziyoyev, Erdogan hold telephone talk14:30 Yalta International Film Festival might be held in Issyk-Kul — filmmaker14:16 Uzbekistan's Mirziyoyev says adoption of decree against torture was not easy
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)65-03-06