Kazakhstan's Karachaganak field has remaining recoverable reserves of 253 mln tonnes oil, 792 bcm gas - minister

ASTANA. April 2 (Interfax) - Remaining recoverable oil and condensate reserves in Kazakhstan's Karachaganak field were estimated at 253 million tonnes as at January 1, 2024, Energy Minister Almasadam Satkaliyev said.

"As at January 1, 2024, the remaining recoverable reserves of oil and condensate stood at 253.2 million tonnes and gas at 791.7 billion cubic meters," Satkaliyev said at a Tuesday meeting of the government.

Expansion projects will be carried out at Karachaganak until 2028 to maintain the oil production at a level of 11 million tonnes a year, the minister added.

The Karachaganak oil and gas condensate field is one of the largest in the world. Its reserves are estimated at 1.2 billion tonnes of oil and 1.35 trillion cubic meters of gas. It is operated by Karachaganak Petroleum Operating B.V., which is owned by Shell (SPB: RDS.A) with 29.25% through its 100% affiliate BG Karachaganak Ltd, Eni with 29.25%, Chevron with 18%, Lukoil with 13.5% and KazMunayGas with 10%. Karachaganak Petroleum Operating has been developing the Karachaganak field since 1997 on the basis of a 40-year production sharing agreement.