• 10 hours Thanksgiving Gas Prices At 3-Year High
  • 14 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 16 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 19 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 19 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 20 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 22 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 8 days GE Considers Selling Baker Hughes Assets
  • 8 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 8 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Kazakhstan’s Oil Industry Back on Track as Kashagan Field Begins Producing Again

Kazakhstan’s Oil Industry Back on Track as Kashagan Field Begins Producing Again

On the 11th of September, after nearly 13 years, and around $50 billion of investment, the North Caspian Operating Company finally began production at the high-pressure oilfield in Kazakhstan known as the Kashagan oil field.

Then, on the 25th of September, the consortium in charge of developing and operating the largest discovery in the world over the past few decades, had to stop all work after a natural gas leak was detected.

On Monday, the Kazakh Oil and Gas Ministry announced that production had restarted on the 6th of October, and that they hoped to quickly get back on track to meeting its original output targets. Uzakbai Karabalin, the Oil and Gas Minister, said that before the gas leak was detected the field was managing a daily output of 48,000 barrels of oil, and was on course to achieve a production level of 75,000 barrels of oil a day by October.

Related article: After Years of Delay Giant Kashagan Oil Field Ready to Begin Producing Oil

The North Caspian Operating Company insisted that whilst dealing with the accidental leak, “all operations were conducted under strict procedures and in line with national and international safety rules.”

Kazakhstan’s oil output is predicted to reach 82 million tonnes this year, up from 79.2 million tonnes in 2012; and with other large fields coming online in the near future they believe that they should easily produce 110 million tonnes by 2030.

The Kashagan field and its 35 billion barrels of crude oil, of which between 9 billion and 13 billion are deemed economically recoverable, is vital to the country’s emergence as an important oil producer in the global market.

The Kashagan oil field is part owned by KazMunaiGas (the Kazakh state-owned oil company), Eni, ExxonMobil, Royal Dutch Shell, and Total, each with a 16.81 percent stake; Inpex with a 7.56% stake; and just recently CNPC bought an 8.33% stake for $5 billion.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News