The government of Kazakhstan, North Caspian Operating Company (NCOC), the operator of the North Caspian project (Kashagan) and members of the production sharing agreement for the project have settled a number of industrial, financial and environmental issues raised over the past few years, NCOC told Trend.
“The agreement was signed recently in Astana by the minister of energy, representatives of NCOC and companies participating in the production sharing agreement for the project,” said the company. “Terms of the agreement are confidential.”
Reaching an agreement between the government and members of the production sharing agreement on the project on the issues on which the earlier disagreements arose, is a positive step that will allow all parties to focus their efforts on the safe resumption of production at the Kashagan field as soon as possible, the company said.
The Kashagan field is one of the largest found in the last 40 years. The project is also one of the most difficult technical problems the international oil companies ever dealt with.
The project participants are KMG Kashagan BV, AGIP Caspian Sea BV, CNPC Kazakhstan BV, Exxon Mobil Kazakhstan Inc., INPEX North Caspian Sea Ltd., Shell Kazakhstan Development BV, Total E&P Kazakhstan.