Kazakhstan to increase production at other fields to compensate losses at Kashagan

June 5, 2014

Kazakhstan is working to increase oil production at other fields in order to compensate losses from the idle Kashagan field, according to Kazakh Economy and Budget Planning Minister, Yerbolat Dossayev, Trend reported on June 4.

Dossayev made the remarks at a plenary session of the Kazak parliament's lower chamber (Majilis). The minister said that today, Kazakh Oil and Gas Ministry, jointly with the national company KazMunaiGas, is seeking additional sources to increase production at other fields, in order to compensate the volume loss at the Kashagan field due to the problems, that are being handled by the consortium that operates this field.

Dossayev stressed that no revenues from Kashagan project are envisaged to go to the budget, as all proceeds were to be sent to the National Fund of Kazakhstan. Addressing the deputies of the Kazakh parliament's lower chamber Dossayev said, "Therefore, we have two forms of relations as part of our cooperation with the National Fund: these include the issue of guaranteed annual transfer approved by you here and coordinated by us with the president, and also the issue of resource transfers."

Copyright: Trend, 2014