Azernews.Az

The Consortium developing the major Kashagan oil and gas field in Kazakhstan continues managing the project with a target date of late 2012, the Stakeholder Relations General Manager of North Caspian Operating Company B.V. (NCOC) Erikzhan Issengaliyev told Trend news a gency via an e-mail.

"We are working hard to mitigate potential schedule risks that are within our control," Issengaliyev said.

Earlier, some media reported about NCOC shareholders' plan to postpone the start of commercial oil production at Kashagan field referring to Kazakh Oil and Gas Minister Sauat Mynbayev.

Issengaliyev said that the Consortium has completed a progress review of Phase I - the Experimental Program - of the Kashagan Project. The results of Kashagan Phase I cost and schedule review are being considered in close cooperation with the authority.

Kashagan is Kazakhstan's super-giant oil and gas field located in the north of the Caspian Sea.

According to the Kazakh geologists, geological reserves at Kashagan are estimated at 4.8 billion tons of oil.

Up to 50 million tons of oil will be extracted in the first stage of development in the field annually. Head of Kazakh National oil and gas company KazMunaiGas Lyazzat Kiinov said that oil production in the field is slated to begin in June 2013. Oil export from the field can be doubled in the second phase scheduled for 2018 -2019.

At present, the largest participants of the Kashagan project are the companies Eni (16.81 percent), KMG (16.81 percent), Total (16.81 percent), ExxonMobil (16.81 percent), and Royal Dutch Shell (16.81 percent). Other participants are ConocoPhillips (8.4 percent) and Inpex (7.56 percent). The project is managed by NCOC.