KPO plans to raise oil and gas production slightly in 2010

May 21. Interfax-Kazakhstan

KPO plans to raise oil and gas production slightly in 2010Karachaganak Petroleum Operating (KPO) developing Karachaganak field in western Kazakhstan plans to extract 11 million tons of oil and gas condensate in 2010, said chairman of Kazenergy Association Timur Kulibayev.

“Karachaganak Petroleum’s output in 2001 was no more than 4 million tons, while in 2010 it will exceed 11 million tons,” he said, speaking at the 10th summit of the CIS Oil and Gas Summit in Paris.

The extended version of the speech is posted on the KazEnergy website.

In 2009 Karachaganak Petroleum Operating produced 2.295 million tons of gas condensate and 8.607 million tons of oil.

Karachaganak oil and gas condensate field is one of the largest in the world. Its reserves are estimated at 1.2 billion tons of oil and 1.35 trillion cubic meters of gas. It is operated by Karachaganak Petroleum Operating B.V., an international consortium which is comprised of BG-Group – 32,5%, ENI – 32,5%, Chevron – 20%, Lukoil – 15%.

National Company KazMunayGas is keen to acquire a holding in the Karachaganak project.