JSC NC KazMunayGas and the Chinese company China Energy Company Limited (CEFC) signed an agreement in Bucharest, confirming their intention to implement the deal on the partial sale of the KMG International (KMGI) shares.
The economics of Kashagan oil and gas project development and its impact on the economy of Kazakhstan sparked a lot of interest recently. Unfortunately, the terms of the production sharing agreement (PSA) of this project are confidential, the exact sum of investments and other details of the execution of the project is unknown as well.
Karachaganak Petroleum Operating B.V. (KPO) has announced the performance results for the year of 2016.
In 2016 KPO produced 139.7 million barrels of oil equivalent in the form of stable and unstable liquids, sour gas for export, and sweet gas for use as fuel. In addition, 8.04 billion cubic metres of sour dry gas were re-injected, a volume equivalent to approximately 46 per cent of the total gas produced
On July 5, 2016, Chevron and our partners in the Tengizchevroil (TCO) joint venture have approved full funding for a major expansion of crude oil production for one of the company’s most valuable producing assets, the Tengiz Field in western Kazakhstan. The announcement of the Final Investment Decision (FID) took place in Astana, on July 5, 2016.
Meeting of Nikolay Gorban – CEO Caspian Pipeline Consortium and Sauat Mynbayev - the Chairman of the Board of the National Company «KazMunaiGas» took place in Astana in the middle of September. Nikolay Gorban noted that CPC is ready to provide increase in through capacity of «Tengiz - Novorossiysk» oil pipeline fully and timely for oil acceptance from Kashagan field. CPC pipeline system – one of the largest investment projects in the energy sphere with participation of foreign capital in the territory of CIS.
This time they will search for oil in deeper layers.
Prospecting works may already be resumed in the next year at the Aday block in the Kazakhstani part of Caspian sea. «Ocean Petroleum» LLP will deal with the project.
Petrochemical industry is one of the most important branches of the processing industry. We use its products nearly all the time. Four out of five items, surrounding us at any time, are created due to the petrochemical industry.
On July 5, on the eve of the birthday of President of Kazakhstan Nursultan Nazarbayev and the day of Astana, the shareholders of the joint venture Tengizchevroil in a meeting with Minister of Energy Kanat Bozumbaev announced a final investment decision for the Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP), which will be the next stage of expansion of the Tengiz oil field in western Kazakhstan. The project is supposed to involve $37 billion and is the world’s biggest investment project in petroleum production this year.
Currently the Kazakhstan market of all light oil products is scarce-volumes of production of gasoline, diesel oil and aviation kerosene by local Oil Refineries is not enough to cover the domestic market's demand for these types of fuels. Basically, this deficit is covered by the import of oil products from Russia. So, on average for the period from 2011 to 2015 about 30% of demand for gasoline and jet fuel and 10% demand for diesel fuel covered at the expense of imports from the Refineries of the northern neighbor.
This November, the Annual Caspian Technical Conference and Exhibition (CTCE) - organised by the Society of Petroleum Engineers (SPE) – will return to Astana for its third year hosted by KazsMunaiGas from 1-3 November at the Palace of Independance
The KMG Systems and Services LLP thanks the NCOC N.V. Consortium for including the partnership into the “Program of development of the local suppliers” and the opportunity to pass the program of implementation and certification of the international ISO 9001:2008 standard. According to the Director General of the KMG Systems and Services LLP Sherkhan Sugurbekov, obtaining a certificate in the internationally recognised certification body is an important step on the path of stable development of the LLP.
Kashagan oil field development operator - NCOC company is intended to significantly update and extend the deadline for the first production phase - pilot development planning. The operator has already developed a project called the APDP, which stands for "additional pilot development planning". In spring in Atyrau the project was presented to the public, where the public hearings on the preliminary EAI of the project were held. As expected, the response of the authorities should be given as quickly as possible, before the beginning of September.
Kazakhstan's oil and gas industry is going through a rough time. Depletion of the resource base has been aggravated by the oil price crash on the global market. In a nutshell, oil companies operate with razor-thin profit margins, the future of the Kashagan project is still unclear, and the industry that until recently used to be a donor of the national budget is desperately asking for government subsidies.
Atyrau refinery is always ahead in all major undertakings in our country. Firstly, it is the firstborn of Kazakhstan oil refining- this year it celebrated its seventieth anniversary. Secondly, this is the first plant, where the modernization was started: very soon it will result in production of environmentally friendly fuels, in compliance with K-5 standard. Thirdly, theAtyrau refinery became the first enterprise in the country, producing the petrochemical products: this year it started producing the benzene and paraxylene
Shymkent oil refinery is experiencing a rebirth the year of its 30th anniversary. After completion of the ongoing work on modernization and reconstruction of the refinery, the depth of processing will increase and the production rate will reach 6 million tons of oil per year, and the refinery will produce the motor fuels of the ecological classes K4 and K5, in accordance with the requirements of the technical regulations of the Customs Union.
National company "KazTransGas" implements the order, issued by the President of Kazakhstan on gasification of Astana and the northern regions of Kazakhstan. The meeting of the Kazakhstan-British Intergovernmental Commission on trade-economic, scientific-technical and cultural cooperation took place in the course of the visit of President of the Republic of Kazakhstan Nursultan Nazarbayev to the UK. Within the framework of the meeting, Memorandum of Understanding has been signed between «KazTransGas» JSC and the British Independent Power Corporation PLC.