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Oil extraction in Kashagan to make 450 thousand barrels a day by October 1, 2013 - Mynbayev

Almaty. September 19. Kazakhstan Today - Oil extraction in Kashagan deposit will reach a commercial level - 450 thousand barrels a day by October 1, 2013. The Minister of Energy and Mineral Resources of Kazakhstan, Sauat Mynbayev, informed on Thursday, the agency reports referring to official mass media. According to mass media, on September 18 S. Mynbayev visited Atyrau oblast where he visited the main objects of company Agip KCO - the operator of the project on development of the Kazakhstan sector of the Caspian Sea. The Minister familiarized with realization of the first stage of industrial development of Kashagan deposit as well as with paces of construction at Bolashak factory where commodity preparation of oil and gas will be conducted. In Atyrau S. Mynbayev took part in the session where company Eni (founder Agip KCO) presented the report on investment activity in the North-Caspian project on development of Kashagan deposit. The Minister has assured investors that all the questions of principle between Eni and the government of Kazakhstan are solved. He also informed that Agip KCO will remain operator of the project prior to the beginning of commercial oil extraction. "After the beginning of commercial extraction new volumes of work will be distributed between the key participants of the project, including KazMunaiGas," S. Mynbayev said. As it was informed earlier, adjustment of legal formalities concerning the disputable situation concerning Kashagan will come to an end till October 25, 2008. The consortium of the companies headed by Eni suggested considering the issue of changing the date of industrial oil extraction on Kashagan deposit for 2012 - 2013. In June of 2008 the government of Kazakhstan agreed to change the date of the beginning of commercial extraction for 2013. Earlier, in January, 2008, Kazakhstan government informed on increase of share of the state in the project up to 16.81 %. The country will receive compensation for the change of dates of realization of the project.

Resourse: Kazakhstan Today

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