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Gazprom, KazMunaiGaz eye joint development of Caspian fields

November 18, 2011, 9:54 UTC+3
The field with the estimated reserves of 100 billion cubic meters is located in the transborder zone of the two countries
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MOSCOW, November 18 (Itar-Tass) — Russian and Kazakh gas companies Gazprom and KazMunaiGaz are eyeing opportunities for joint development of gas fields – Imashevskoye and Tsentralnoye - in the Caspian Sea, according to a statement issued by the Russian gas giant after talks between the two companies’ CEOs Alexei Miller and Bolat Akchulakov.

The agreement on joint geological survey and exploration of the Imashevsky gas condensate field was signed by Russia and Kazakhstan back in September 2010.

In April 2011 the joint venture KazRosGaz was named the field’s operator. The field with the estimated reserves of 100 billion cubic meters is located in the transborder zone of the two countries.

The Tsentralnoye field is developed by the joint venture of LUKOIL and Gazprom – TsentrKaspneftegaz. The production sharing agreement should be prepared before the end of 2012. After the field’s commercial launch KazMunaiGaz will join the project with a 50 percent stake.

Moreover, the meeting focused on energy cooperation.

Miller pointed to the growth trend of Kazakhstan’s domestic consumption of gas.

“This is a good economic growth indicator. Russian gas exports to Kazakhstan will grow by 10 percent in 2011 as against the previous year. Gazprom and KazMunaiGaz have been successfully and mutually advantageously cooperating in all areas of the gas business – exploration, shipment, refinery and delivery,” he said.

“Our constructive cooperation will only strengthen,” Miller said.

 

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