Russia, Kazakhstan to develop new hydrocarbon field in Caspian Sea Energy
Russia, Kazakhstan to develop new hydrocarbon field in Caspian Sea
The Russian government has granted a license to Tsentralnaya oil and gas company for exploration and production at Tsentralnaya geological structure in the Caspian Sea, the government website said.
Tsentralnaya oil and gas company is owned by Kazakhstan’s KazMunaiGas (50 percent), and Russia’s Gazprom and LUKOIL (25 percent each).
The company was granted the right to use the field for 25 years, including up to seven years of geological survey.
Once the geological survey is completed, the company will be allowed to work on the field in line with the existing tax code or sign a production sharing agreement with Russian government.
A large oil, gas and condensate field was discovered in the Tsentralnaya structure in 2008.The field’s C1 and C2 reserves are estimated at 20.2 and 149 million tons of fuel equivalent, respectively.