Kazakhstan And NCOC Still Arguing Over Kashagan Repair Schedule
Photo: psa.kz
There are only a few days left before planned repairs at Kashagan, but the timing is still being discussed, Orda.kz reports, citing Reuters.
Energy Minister Yerlan Akkenzhenov told Reuters that NCOC consortium shareholders have not yet made a final decision. Repairs at Kashagan are expected to begin in early June and may last more than 30 days.
Kashagan is one of Kazakhstan’s largest oil fields. Its capacity is estimated at about 400,000 barrels per day. If the repairs begin, they could reduce Kazakhstan’s total oil production and exports.
Oil expert Nurlan Zhumagulov wrote on his Telegram channel that Kazakhstan’s authorities are negotiating with NCOC shareholders to postpone the repairs. According to him, the reason may be high prices and demand for Kazakh oil, or delays in equipment delivery.
Zhumagulov estimated Kazakhstan’s possible losses from a 35-day overhaul at about $175 million. According to his calculations, the country could lose about $100 million in royalties and its share of production, and another $75 million in income tax on shareholder profits.
This is not the first time the authorities have asked to reconsider postponing an overhaul. Earlier, in fall 2024, during the Slug-Catcher replacement period, a postponement was also discussed due to a possible shortage of commercial gas during the winter heating season. But the shareholders did not postpone it,Zhumagulov wrote.
The energy minister also said repairs are planned at Karachaganak this year. He did not name exact dates, but said the work would be minor and should not seriously affect production.
Original author: Alexander Zhdanov
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