Kurmangazy oil field

Kurmangazy Oil Field

Oil Field
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Kurmangazy oil field

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Description:
Kurmangazy oil field is an offshore oil field in the Kazakh section of Caspian Sea. It is located on the maritime border between Russia and Kazakhstan, about west of the Buzachi Peninsula. Kurmangazy oil field is the third largest oil field of Kazakhstan. . The field is named after Kurmangazy Sagyrbayuly.

History

The first agreement concerning Kurmangazy field was signed in 2002. The US$23 billion worth PSA agreement was signed with KazMunayGas and Rosneft on 6 June 2005.

Reserves

The oil field has estimated reserves of .

Operator

The field is operated by Kurmangazy Petroleum Company. KazMunayTeniz, a subsidiary of KazMunayGas, owns 50% of the project and RN – Kazakhstan LLС, a subsidiary of Rosneft, owns 25%. Originally, 25% of shares was assigned to Zarubezhneft, but later Rosneft received the option on this remaining stake once commercial extraction commences. Total S.A. and ONGC have shown interest to join the project.

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