Tokayev gets familiarized with Karachaganak oilfield expansion project
The President was presented with the project for expanding the Karachaganak project.
According to Giancarlo Ruiu, General Director of Karachaganak Petroleum Operating B.V., as part of the first phase of the oilfield’s expansion project for 2021-24, works are ongoing to build the fifth gas re-injection compressor and other production units with total investments of $970mln and employing around 3,500 people. The next phase set for 2023-26 envisages construction of the 6th gas recirculation compressor. $735mln of investments is to be provided and 1,300 new working places are to be created.
The Karachaganak expansion project will enable to increase the liquid fraction production to 46 million tons generating additional revenue.
The Consortium together with the Kazakh Energy Ministry are developing a feasibility study for a new gas plant, allowing to increase gas production to four billion cubic meters and 0.5-0.6 million tons of propane-butane fraction per year significantly boosting the country’s energy capacity.
The Head of State of Kazakhstan stressed the importance of constructing the plant. He also noted the role of Karachaganak in contributing to the development of oil and gas sector as well as social and economic spheres.
Since the signature of the production sharing agreement in 1997, around $30bn has been invested in developing the Karachaganak oilfield.
Karachaganak Petroleum Operating B.V. Consortium is the larges enterprise in West Kazakhstan region, providing employment to 3.8 thousand people.
KPO has contributed $57.4bln to the economy of Kazakhstan.
The Consortium has allocated $754.5mln for social and infrastructure projects in West Kazakhstan region since 1998, building 16 hospitals and clinics, three sports and recreation complexes, 34 schools and kindergartens, theatres, culture houses, and other facilities.
