The giant Kashagan oil field is one of the largest oil deposits discovered in the last four decades. Its recoverable reserves are estimated to be approximately 9-13 billion barrels of oil. Commercial oil production began at the Kashagan offshore field in 2016.
According to the company, this achievement demonstrates stable growth and development of NCOC, which continues to make a significant contribution to the socio-economic development of Kazakhstan.
“Today’s incredible milestone was made possible by the exceptional dedication and expertise of the NCOC staff and contractors, who prioritize safety first and then productivity,” said NCOC Managing Director Olivier Lazare in a statement.
He noted they also thank the North Caspian Sea Production Sharing Agreement (NCSPSA) shareholders, and the local and central government bodies for “their unwavering support.”
“This achievement is a testament to the teamwork, professionalism, and commitment of everyone involved,” said Lazare.
Last year, Kazakh Prime Minister Alikhan Smailov encouraged NCOC to increase the Kashagan field’s production volume.
Kazakhstan signed a production sharing agreement with an international consortium of major oil and gas companies in 1997 to develop the North Caspian Project.
The consortium includes seven of the world’s largest energy companies. KazMunayGas holds a 16.88% stake, followed by Eni – 16.81%, Shell – 16.81%, ExxonMobil – 16.81%, TotalEnergies – 16.81%, CNPC – 8.33% and Inpex 7.56%.
