News 2015
North Caspian Project
The restructuring the North Caspian Project (NCP) Operating Model was completed on 13 June 2015. This reorganization of NCP companies took place in accordance with Dutch legislation, giving due consideration to applicable requirements of the legislation of the Republic of Kazakhstan.
Karazhanbasmunai
Astana, 2 July 2015. JSC KazMunaiGas Exploration Production is pleased to announce that an addendum has been signed to extend the contract for the production of raw hydrocarbons at Karazhanbas oil and gas field of Mangystau Province to the 7th of June 2035.
KMG/ENI
KazMunayGas and Eni create a joint venture to develop Issatai oilfield. According to the press- service of Eni, Sauat Mynbayev, Chairman of the Board of Kazmunaygas and Claudio Descalzi, CEO of Eni, signed an agreement, which defines the terms and conditions for transfer of Eni's 50% stake of subsoil use rights in respect of block Isatay in presence of Kazakhstan’s President Nursultan Nazarbayev and Prime Minister of Italy Matteo Renzi.
KMG
NC KazMunayGas JSC (KMG) decided to assign 50% share in KazRosGas LLP under the trust management of JSC KazTransGas (KTG), stipulates the KMG message. According to the document, the relevant decision was made by the Board of KazMunayGas JSC as of June 18, 2015.
KPO
KazRosGas, LLP and Karachaganak Petroleum Operating B.V. have announced that the Karachaganak partners and KazRosGas, LLP, a joint venture between Gazprom, OSC and National Company KazMunaiGaz, JSC have agreed the extension of the existing Karachaganak Gas Sales Agreement (GSA) until January 2038.
KPO
The Government of Kazakhstan may exercise the right of redemption of a share, owned by British Gas Group in the Karachaganak project after its acquisition by Royal Dutch Shell, BG said in its report for 2014. "In the event of changing the control over BG Group, Kazakhstan might declare the right to acquire a share in the final production sharing agreement within the frameworks of the arrangements for the Karachaganak gas condensate field (BG Group currently owns 29.25%)”- stipulates the report of British Gas for 2014, reports KazTAG.
TCO
Tengiz oilfield, located in Atyrau region, has only 8 thousand tons of sulphur remained, as reports Kazinform news agency, referring to the press service of TCO company. "In the first quarter, TCO sold 910 thousand tons of sulphur that is 146% from the produced 628 thousand tons.
Oil Prices
The Organization of Petroleum Exporting Countries (OPEC) does not count on return of the global oil prices to the level of $100 over the next 10 years, which is proved by a draft strategy report, prepared by the cartel members, based on the excerpts, published by The Wall Street Journal.
KMG
KMG Drilling & Services LLP (a subsidiary of KazMugajGaz) and Nabors Drilling International Ltd have established a joint venture company KMG Nabors Drilling Company for the drilling works at the Tengiz oilfield. The relevant documents were signed by the parties on April 21 in Astana, as informed by the correspondent of Interfax- Kazakhstan news agency.
KMG EP
KazMunaiGas Exploration and Production held an extraordinary general meeting of its shareholders, where the new Board was elected for a one year term, through to April 13th, 2016 inclusive. The EGM appointed Mr Kurtwood Hillman, Managing Director for Operational Production Assets at the National company KazMunaiGas to the Board, replacing Mr Timur Bimagambetov as representation of NC KMG on the Board of KMG EP.
TCO
Tengizchevroil slowed down the pace of activities and reduced the costs for the future growth project implementation and management of the wellhead pressure at Tengiz field in Atyrau region, informs Aidar Dosbaev, Deputy Director of TCO Expansion Project. "Global oil prices have dropped significantly.
KazakhGas
Kazakhstan will create a new national gas company- KazakhGas, reports KazTAG, referring to a source in the oil and gas industry. KazTransGas and it subsidiaries-KazTransGas Aimak (distribution networks-KazTAG), Intergas Central Asia (main pipeline transportation-remark of KazTAG) and other subsidiaries will join the unified national company KazakhGas and they withdraw their assets from the National Company KazMunaiGas.
Shell
The Royal Dutch Shell purchases BG Group, the British oil and gas company, for 47 bln pounds (70 bln USD), reported both companies as of April 8. The deal is the largest among all the world’s companies since the beginning of the year and the most expensive in the oil industry over the last decade.
KMG EP
KazMunaiGas Exploration & Production held an extraordinary general meeting of its shareholders, where the new Board was elected for a set one year term, through to April 13th, 2016 inclusive. The EGM appointed Mr Kurtwood Hillman, Managing Director for Operational Production Assets at the National company KazMunaiGas to the Board, replacing Mr Timur Bimagambetov as representation of NC KMG on the Board of KMG EP.
KMG EP
JSC KazMunaiGas Exploration Production held its regular Board of Directors meeting on March 30, 2015. During the meeting the Board approved the revision of the 2015 budget and approved the meeting agenda for the Annual General Meeting of Shareholders set for 19 May 2015.
MOL
About $ 200 mln will be invested in the Rozhkovskoe field, located in the Western Kazakhstan, informed Sandor Fashimon, Executive Director of Mol Hungarian Oil and Gas Plc. “It is expected that in the next 2 years approximately $ 200 mln will be invested, including about $ 60 million to be invested by our company”,- said Mr.Fashimon at the Kazakh-Hungarian Business Forum on April 1.