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Friday, October 28, 2016

Kazakhstan Forges Ahead with Offshore Projects

October 5, 2006

Kazakhstan wants to forge ahead with developing new oil and gas fields in its sector of the Caspian Sea and hopes to wrap up a string of deals with foreign partners next year, a senior official said on Wednesday. The deals, primarily based on PSAs, mark a second stage of offshore development to follow major initial projects such as the giant Kashagan field, being developed by Italy's ENI-led consortium. The new projects should help boost Kazakhstan's offshore oil output to 89.2 million tons by 2015, from just 3 million tons last year, an official from KazMunaiGas said.

It is said that Kazakhstan's proven offshore reserves of oil at 30 billion barrels and of gas at 3 trillion cubic metres. The largest new block, Darkhan, has an estimated 1.5 billion tons in oil reserves. Source Reuters

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