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KAZAKHSTAN - Offshore Exploration.

In March 2005, LUKoil CEO Vagit Alekperov and KMG's First VP Timur Kulibayev signed a contract for creation of a 50/50 JV Caspian Oil and Gas Co. (COGC) for development of the Khvalinskoye gas field which was found in 2002 by the company, now the largest oil producer in Russia. Dmitri Dolgov of LUKoil then said the reserves in the field were 332 BCM of gas and about 400m barrels of oil, and the field was expected to come on stream in 2010. This is operated according to Russian law but it was hoped that a PSA would be set up this year.

LUKoil was expecting a deal to be signed between TsentrKaspNefteGaz and KMG on the basic principles of developing structures in the central zone of the Caspian Sea (on the Russian side). TsentrKaspNefteGaz is a 50/50 JV of Gazprom and LUKoil.

LUKoil-Shelf has drilled an exploration well on the Tyub-Karagan block in the Kazakh sector of the Caspian. This is being developed jointly with KMG. LUKoil is also exploring the Atashsky block in the northern Caspian

At the same time, the state-owned Russian oil firm Rosneft and KMG finally agreed on the terms of a PSA for the offshore Kurmangazy field which lies in a shared part of the Caspian. It reserves have been put at more than 7 bn barrels of oil equivalent.

In late 2005, KMG and Statoil of Norway signed a JV agreement to explore and develop the Abaya area in the Caspian. A South Korean group of firms led by the state-owned KNOC in 2004 formed a JV with KMG to explore and develop the Zhambyl structure in the Kazakh sector of the Caspian, and the onshore Tenge field which is said to contain 100m barrels of oil.
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Publication:APS Review Gas Market Trends
Geographic Code:4EXRU
Date:Jul 24, 2006
Words:296
Previous Article:KAZAKHSTAN - E&P Background & Exploration.
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