KazMunayGas, Gazprom discussing various options for developing Khvalynskoye gas field in Caspian Sea

ASHGABAT. Oct 24 (Interfax) - Kazakhstan's national company KazMunayGas (KMG) and Russia's Gazprom are discussing various options for the development of the Khvalynskoye field in the Caspian Sea, KMG CEO Askhat Khasenov told Interfax on the sidelines of the Oil and Gas of Turkmenistan - 2024 Conference.

"We have a joint venture with Gazprom, so we are still discussing it. It does not mean that we have not reached agreement. There are a number options for the development of this field," he said when asked about the future of the project.

The Khvalynskoye field was discovered in 2002 in the northern part of the Caspian Sea, 260 km from Astrakhan. The sea depth at the location is 25-30 meters. As a result of 3D seismic surveys and drilling of two prospecting wells, five reservoirs were identified: four gas condensate and one oil.

According to the Russian classification, the AB1C1+B2C2 recoverable reserves of the Khvalynskoye field are estimated at 47.6 million barrels of oil (6.5 million tonnes), 57.2 million barrels of gas condensate (7.8 million tonnes), and 8.846 billion cubic feet of gas (250.5 billion cubic meters).

In 2003, Lukoil and KazMunayGas signed an agreement on the principles of joint development of the Khvalynskoye field and created a joint venture for its development in March 2005. Development of the field has been delayed as the issue of gas transportation has not yet been resolved with Gazprom.