The North Caspian Operating Co. (NCOC) on behalf of the North Caspian Sea PSA Consortium announced in a press release that the first well was opened and initial volumes of oil are being produced from the Kashagan field in Kazakhstan’s sector of the Caspian Sea.
On June 30, RoK President Nursultan Nazarbayev visited the Kashagan project to celebrate the completion of the facilities required for initial production. This day marked the commencement of the startup of the Kashagan production facilities, according to the press release.
The Kashagan field represents the largest oil accumulation in the North Caspian Sea with estimated reserves of approximately 35 Bbbl of oil in place. Future development projects bear the potential to significantly increase production volumes and position Kashagan as an important contributor to the world energy market, NCOC said in the release.
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