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Monday, June 18, 2018

Kazakhstan to install new operator in Kashagan oil field

Kazakhstan plans to install a new operator for the development of the Kashagan oil field this September, according to a recent announcement by Uzakbai Karabalin, the country's minister of oil and gas.

The decision to change the style and format of the development of the site was made after shareholders observed the way the current management company, North Caspian Operating Company (NCOC), was functioning, The Astana Times reports.

"We were not satisfied with the system of organization," Karabalin said, according to The Astana Times. It was expensive and, most importantly, the hierarchy in NCOC was very difficult, which in turn complicated decision making."

The decision is part of the country's effort to develop its fuel and energy complex through 2030, with the hopes of reaching a target production volume of 112 million tons of oil and condensate.