ENI finds oil in Kazakhstan’s sector of Caspian Sea

Nov 27, 2003 01:00 AM

Italian oil-and-gas company ENI said it had found oil in two wells in the Kazakhstan sector of the North Caspian sea, where the giant offshore field of Kashagan is also located. Preliminary tests over a reduced interval from the drillings in Aktote and Kashagan Southwest, gave a combined output of 3,750 bpd of oil, the company said.
Aktote, where oil was found at 3,760 meters, was tested over a reduced interval with a rate of 1,550 bpd of oil on a 28/64 choke. Kashagan Southwest, where oil was found at 4,849 meters, yielded 2,200 barrels on a 32/64 choke.

The two wells are located in the same area as the Kashagan oil field -- considered the world's biggest find in the past 30 years -- which is being developed by an Led-led consortium. Other consortium members include Total, Shell, ExxonMobil, ConocoPhillips and Japan's Inpex.
The consortium estimates Kashagan holds 9 bn barrels of crude reserves, which would allow the field to pump 1 mm bpd for decades.

The consortium has said the depth of the oil, far below the shallow Caspian Sea, is the main reason for a delay in its output.
Earlier, the government of Kazakhstan and ENI said they hadn't reached an agreement over the amount of fines to be levied against the consortium as a result of delays in the development of the Kashagan field.

Source: Dow Jones
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