Kazakhstan Expects $180M Cash Flow From Kashagan In 2017
Kazakhstan will get $180 million in cash flow from Kashagan oil field in 2017, Kazakhstan Today news agency quoted Dauren Karabayev, executive vice president and financial director of KazMunaiGas oil and gas company, one of the shareholders of the project.
“According to the preliminary estimates, Samruk-Kazyna National Fund and KazMunaiGas will jointly receive about $180 million in net cash flow from investment in Kashagan in 2017,” Karabayev said.
He noted that the project partners already have positive cash flow from Kashagan, as oil production at the field is increasing.
According to Karabayev, currently oil production at Kashagan hits 180,000 barrels per day. By the end of the year it is expected to increase to 370,000 barrels per day, he said.
Oil production at Kashagan was launched in autumn 2016 and Kazakhstan plans to produce 8.9 million tons of oil and 5.6 billion cubic meters of gas from this field in 2017. It is planned to increase production to 13 million tons of oil and 9 billion cubic meters of gas per year in subsequent years.
The project participants are KMG Kashagan BV (16.88 percent), AGIP Caspian Sea BV (nearly 16.81 percent), CNPC Kazakhstan BV (8.33 percent), Exxon Mobil Kazakhstan Inc. (nearly 16.81 percent), INPEX North Caspian Sea Ltd. (nearly 16.81 percent), Shell Kazakhstan Development BV (nearly 16.81 percent), and Total E&P Kazakhstan (nearly 16.81 percent). The field is operated by North Caspian Operating Company BV (NCOC).
By Elena Kosolapova, Trend