Kashagan field’s annual oil production may reach 75 million tons

Kashagan field’s annual oil production may reach 75 million tons
# 07 September 2023 14:25 (UTC +04:00)

Production potential of Kashagan field can reach 75 million tons of oil per year, said Kazakh Prime Minister Alikhan Smailov during a solemn event to mark the 30th anniversary of developing Kazakhstan’s Caspian Sea shelf and attended by veterans of the country’s oil and gas industry, APA reports citing The Astana Times.

Welcoming the meeting participants, Smailov underlined that extensive work has been done since 1993 in the North Caspian Sea, which allowed the discovery of dozens of promising structures, including the commercial discovery of the Kashagan field, which is “unique in huge oil and gas reserves and difficult in terms of development.”

“A lot of efforts and funds have been invested in innovative technologies to manufacture specialized equipment suitable for the conditions of the Kashagan project,” he said.

According to Smailov, this painstaking work allowed to produce nearly 90 million tons of oil and 55 billion cubic meters of gas, attract investments worth more than $60 billion, invest over $17 billion in the development of local content, and employ nearly 10,000 people, while at the peak of construction, more than 40,000 people were involved in the work.

Smailov said the North Caspian Operating Company (NCOC) faces important tasks to increase production through full-scale field development. According to experts, the production potential of Kashagan may reach 1.6 million barrels of oil per day, which is around 75 million tons per year.

“Developing gas processing facilities in the field is one of the important tasks set by the President. We should fulfill it within the established timeframe and in full. I am sure that the NCOC team has great potential to achieve the set goals,” Smailov said.

He expressed the government’s readiness for constructive dialogue while implementing joint plans.

“We highly appreciate the NCOC’s contribution to the development of the oil and gas industry and are committed to expansion of long-term cooperation,” he added.

According to NCOC Managing Director Olivier Lazar, his company strives to bring the maximum possible benefit to the Kazakh economy and contribute to the country’s dynamic development.

Following the event, Smailov presented state awards to the veterans and employees of the North Caspian project for their contribution to Kazakhstan’s social and economic development.