Karachaganak Petroleum Operating head to lead North Caspian Operating Co from March 2024

ASTANA. Jan 22 (Interfax) - Giancarlo Ruiu, general director of Karachaganak Petroleum Operating B.V. (KPO), will take over in March 2024 the responsibilities as the new managing director of North Caspian Operating Company (NCOC) from Olivier Lazare, who has led NCOC since June 2021, NCOC said in a Monday press release.

"Under Olivier's leadership, NCOC elaborated growth projects and secured key decisions on gas projects that are crucial both for the North Caspian Sea Project and for the Republic of Kazakhstan. The successful completion of the second Turnaround allowed to steadily reach record production levels and a cumulative production of over 100 mln tonnes of oil since the Kashagan restart," the press release says.

Giancarlo Ruiu has worked as the head of KPO since 2021. He earlier held managerial positions at Eni, Abu Dhabi National Oil Company, Agip KCO and others.

Marco Marsili, who has been working for Shell (SPB: RDS.A) since 2002, will take over from Giancarlo Ruiu as the new KPO general director in March 2024, KPO said in its press release.

Kashagan is Kazakhstan's first offshore oil and gas field in the Caspian Sea. It is the largest international investment project in the country. Commercial operation at Kashagan began on November 1, 2016.

NCOC is owned by KMG Kashagan B.V. with 16.877%; Shell Kazakhstan Development B.V., Total EP Kazakhstan, Agip Caspian Sea B.V., and ExxonMobil Kazakhstan Inc. with 16.807% each; CNPC Kazakhstan B.V. with 8.333% and Inpex North Caspian Sea Ltd. with 7.563%.

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 comprised of Shell that owns a 29.25% holding in KPO through its 100% affiliate company BG Karachaganak Ltd, Eni (29.25%), Chevron (18%), Lukoil (13.5%), and KazMunayGas (10%). Karachaganak Petroleum Operating has been developing the Karachaganak field since 1997 on the basis of a 40-year production sharing agreement.