The North Caspian Operating Company (NCOC) on behalf of the North Caspian Sea PSA Consortium announced today the first well was opened and the initial volumes of oil are being produced from the Kashagan field in the North Caspian Sea.
On the 30 June, 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 start-up of the Kashagan production facilities.
The Kashagan field represents the largest oil accumulation in the North Caspian Sea with estimated reserves of approximately 35 billion barrels 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.
[mappress]
Press Release, September 11, 2013