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Kazakhstan announces plans for two oil, gas fields

Kazakhstan announces plans for two oil, gas fields

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Date: 2 January 2016 11:12

Baku, Azerbaijan, Jan. 2

By Elena Kosolapova – Trend:

Kazakhstan expects Russia in 2016 to grant rights for subsoil use regarding the "Central" field, according to previous agreements, Kazakh ministry of energy told Trend.

The "Central" field is located within the Russian sector of the Caspian Sea, but its development must be conducted with the participation of Kazakh partners. Reserves of the field are estimated at 169.1 million tons of equivalent fuel. The term of the exploration license expired in 2009. The companies couldn’t obtain a new license, as Russian law forbade the work of private entities on the shelf.

In October 2015, the presidents of Russia and Kazakhstan signed a protocol allowing Russian government to issue a license for the geologic exploration and production of oil and gas on the "Central" field.

After obtaining the rights for subsoil use, Kazakhstan plans to carry out design and survey work and assess the damage inflicted to aquatic bioresources from engineering research on this field.

It is planned to continue consideration of feasibility study of the field development and agree conditions of production sharing agreement (PSA) regarding the "Khvalynsk" project in 2016, the ministry said.

Also in 2016 it is planned to continue discussing these projects with the Russian side, according to the ministry.

"Khvalynsk" oil and gas condensate field is located in the northern part of the Caspian Sea and should be developed under the PSA. The reserves of the field are 322 billion cubic meters, 18.398 million tons of condensate, 241.897 million tons of oil.

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