Contract on Karazhanbas field extended in Kazakhstan

July 2. Trend

By Elena Kosolapova

Contract on Karazhanbas field extended in KazakhstanKazakhstan’s Energy Minister and Karazhanbasmunai JSC have signed an additional agreement on extending the contract on Karazhanbas oil and gas field in the country’s Mangistau province, KazMunaiGas Exploration Production JSC said July 2.

KazMunaiGas Exploration Production JSC owns 50 percent share in Karazhanbasmunai JSC.

The contract for hydrocarbon production at Karazhanbas has been extended till June 7, 2035.

Previously, the validity of the contract was to expire in 2020.

KMG EP was among the top three oil producers in Kazakhstan as of 2014. The company’s production volume, taking into account its shares in the LLP Kazgermunai JV, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. stood at 12.3 million metric tons (250,000 barrels per day) in 2014.

The volume of consolidated proven and probable reserve of the KMG EP, given the shares in joint ventures, amounted to 177 million metric tons (1.303 billion barrels) as of late 2014. Of this volume, 132 million metric tons (981 million barrels) accounted for Ozenmunaigas JSC, Embamunaigas JSC and Ural Oil and Gas LLP.