New deal on Caspian Pipeline Consortium

Dec 14, 1996 01:00 AM

In Moscow a deal has been signed to restructure the Caspian Pipeline Consortium. The $ 2 bn pipeline is a key to unlocking Kazakhstan's petroleum reserves by providing a major outlet to the world market. Ultimately, it is designed to allow exports of 67 mmtpy or 1.5 mmbpd from the region. The agreement, "which is expected to close in February 1997" will result in a number of international oil companies funding completion of the consortium pipeline between the Tengiz field in Kazakhstan and the Russian Black Sea coast in return for a 50% equity interest in the overall project. Signatories to the Moscow agreement included the governments of Russia (24%), Kazakhstan (19%) and Oman (7%) as well as Chevron (15%), LUKoil (12.5%), Rosneft-Shell (7.5%), Mobil (7.5%), Agip (2%), British Gas (2%), Kazakh Munaigas (1.75%) and Oryx (1.75%). Together with Mobil (25%) and the Kazakh government (25%), Chevron is developing Tengiz under the Tengizchevroil joint venture. Current production is 150,000 bpd and isexpected to rise next year

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