News 2014December, 2014
December 13, 2014. Today the Republic of Kazakhstan, NCOC and NCSPSA co-venturers settled a number of operational, financial and ecological matters, raised over the last several years. The agreement was signed in Astana on December 13, 2014, by the Minister of Energy and the representatives of the Operating Company NCOC and the NCSPSA Co-venturers.
The terms of the agreement are confidential. Reaching the agreement between the government and the NCSPSA consortium participants on the issues where there had been disagreements before is a positive step, which allows the parties to focus efforts on the earliest possible safe re-start of production at Kashagan.
The Kashagan field is one of the largest oil discoveries of the last forty years. It is also one of the most complicated engineering challenges that the global oil industry has ever tackled. The Consortium has agreed to continue its funding of social and infrastructure projects in Mangistau and Atyrau regions in Kazakhstan and to support funding of Astana Expo 2017.
The NCSPSA co-venturers are: Agip Caspian Sea B.V., CNPC Kazakhstan B.V., ExxonMobil Kazakhstan Inc., Inpex North Caspian Sea, Ltd., KMG Kashagan B.V., Shell Kazakhstan Development B.V. and Total E&P Kazakhstan. NCOC is the delegated operator of activities under the NCSPSA on behalf of the co-venturers.