February 25, 2013 / 8:46 AM / in 5 years

Oil output at Kazakhstan's Karachaganak edged up in 2012

ALMATY, Feb 25 (Reuters) - A multinational consortium led by BG and Eni, which develops Kazakhstan’s giant Karachaganak oil and gas condensate field, nudged up its output to 139.5 million barrels of oil equivalent in 2012, it said on Monday.

Karachaganak Petroleum Operating company (KPO) produced 138.5 million tonnes of hydrocarbons in oil equivalent in 2011.

Karachaganak’s recoverable reserves are estimated at 1.2 billion tonnes of oil and gas condensate and more than 1.35 trillion cubic metres of natural gas, making it one of the world’s largest hydrocarbon deposits.

Kazakhstan, Central Asia’s largest economy which is increasingly assertive in dealing with foreign investors developing its natural riches, secured a 10 percent stake in KPO via its state oil and gas firm KazMunaiGas in December 2011.

After the deal was closed last June, BG and Eni each owned 29.25 percent in the consortium, Chevron held 18 percent and Russia’s Lukoil 13.6 percent.

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