Kazakhstan asks for a delay in maintenance of the giant Kashagan Oilfield.
Trading sources familiar with the matter claim that Kazakhstan's Energy Ministry has asked shareholders to delay next year's maintenance, which was scheduled to start at the site on October 1st. Two sources claim that the ministry requested a delay in a letter sent to the partners of the North Caspian Operating Company consortium (NCOC), which operates Kashagan. The letter cited the fear of natural gas shortages during the winter season as the main reason. They added that a decision is expected on September 10. In October, the field that produces 400,000 barrels of oil per day was to be closed for 28 days to perform maintenance.
KazMunaiGas Kashagan Gets Advance from Vitol
KMGK is using the funds to pay for its 8.48 percent stake in Kashagan, which it acquired in 2008. KazMunaiGas (KMG) increased its share in the Kashagan project in 2008 by 8.48 percent to 16.81 percent after equity participation of other consortium shareholders decreased in exchange for the government's permission to extend the budget and project time frame. "KMGK received an additional prepayment on August 10, 2017 for the amount of $600 mln and made early repayment of the second instalment … for a total sum of $804.4 mln," KMGK said on its website. KMGK didn’t disclose how much oil Vitol will receive for the prepayment.
Kashagan to Cut CPC Oil Supplies in Sept
Kazakhstan's giant Kashagan oil field will feed about 700,000 tonnes of oil into the CPC pipeline this month, 400,000 tonnes less than originally planned, a CPC official told Reuters on Thursday. North Caspian Operating Company, which operates Kashagan, did not reply to questions from Reuters about the reason for the reduction. Reporting by Olga Yagova; Writing by Olzhas Auyezov
Eni: Onshore Plant Delivers Giant Kashagan Field’s Oil
Eni announces that the first batch of export crude oil has been shipped from the onshore processing plant of the giant Kashagan oil field. Following the successful pipelines replacement, the field has been recently re-opened. Production is expected to gradually increase up to a first level of 180,000 barrels per day, with a target level of 370,000 barrels per day to be achieved by the end of next year. The giant oilfield is located in the North Caspian Sea, approximately 80 kilometers southeast of Atyrau, in Kazakhstan. Kashagan is one of the largest oil fields discovered in the last 40 years, with estimated reserves of 35 billion barrels of oil in place.
Saipem Bags Kashagan Contract
Italian oil service company Saipem said on Friday it had won a contract to lay replacement pipelines at the giant Kashagan field in Kazakhstan, worth around $1.8 billion. Last month sources with knowledge of the matter told Reuters Saipem was in pole position to win the pipeline contract which could be worth up to $2 billion. In a statement on Friday Saipem said the North Caspian Operating Company had awarded Saipem the contract for the construction of two 95-kilometre pipelines. "The construction will be completed by the end of 2016," it said.
Kashagan Consortium: Oil Production Not Expected in 2014
A consortium developing Kazakhstan's huge Kashagan oilfield said on Monday it did not expect to produce oil in the offshore field this year due to leaking pipelines. "The current assessment, based on the results of an investigation, is that both the oil and the gas pipelines might have to be fully replaced," the consortium also said. The North Caspian Operating Company (NCOC) consortium includes Eni, Exxon Mobil, Royal Dutch Shell , China's CNPC, Japan's Inpex and Kazakh state-run KazMunaiGas. (Reporting by Raushan Nurshayeva; writing by Vladimir Soldatkin; Editing by Alessandra Prentice)
Kazakhstan "Disappointed" Over Kashagan Setback
Kazakhstan's oil and gas minister said on Thursday he was disappointed over the slow development of the giant Kashagan oilfield, but he saw no legal reasons to put pressure on the consortium which oversees the offshore project. The Central Asian nation of 17 million relies heavily on oil exports, and the setback in development of the huge Kashagan field could be a drag on state coffers. Delayed output at Kashagan has unsettled Kazakh authorities, which have already sued the consortium operating the field for 134 billion tenge ($737 million) over ecological damage, but on Thursday they signalled the possibility of no further penalties. "We can't push (the consortium).
