TotalFinaElf increases stake in Kazakhstan’s Kashagan field
The first two Kashagan exploratory wells revealed a giant discovery, confirming the northern Caspian Sea’s status as a major oil province. The first well of the appraisal drilling campaign is now underway and several promising exploration prospects remain to be drilled.
In addition to TotalFinaElf (14.28%), BP (9.52%) and Statoil (4.76%), other partners included in the Kashagan production-sharing contract are Eni (14.28%), BG (14.28%), ExxonMobil (14.28%), Shell (14.28%), Inpex (7.14%) and Phillips Petroleum (7.14%). These partners have a preemption right which gives them the option to share, along with TotalFinaElf, a percentage of BP’s and Statoil’s interests.
These agreements will give TotalFinaElf a larger interest in a major discovery and are in line with TotalFinaElf’s strategy in the promising Caspian area where the Group is already a major player and where it intends to strengthens its position, particularly in Kazakhstan.
Most read news
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.