The Karachaganak oil and gas condensate field (KOGCF) located in the West-Kazakhstan Province is one of the largest oil and gas condensate fields worldwide and contains more than 1.2 billion tons of hydrocarbon liquids and over 1.3 trillion cubic meters of gas.
The field was discovered in 1979, its development commenced in 1984.
The Karachaganak project is implemented within the framework of the Final Production Sharing Agreement (FPSA) concluded between the Government of the Republic of Kazakhstan and an alliance of foreign corporations.
British Gas and Agip are the single operator of the project under the FPSA terms.
- Signed on November 18, 1997
- Became effective on January 27, 1998
- Duration is 40 years
Karachaganak Petroleum Operating B.V. (KPO b.v.) has been established by the project operators to carry out industrial and business operations at the Karachaganak field.
The functions of the Competent body in the North Caspian and Karachaganak projects earlier performed by JSC NC “KazMunayGas” are currently performed by the PSA LLP (www.psa.kz).
The PSA limited liability partnership was incorporated in June, 2010.
JSC “National Company “KazMunayGas” is the sole member of the PSA LLP.
In accordance with the Trust Agreement, JSC NC “KazMunayGas” has transferred 100% of participation share in the PSA LLP to the Ministry of Oil and Gas of the Republic of Kazakhstan.
In accordance with Power of Attorney No. 20-01-4752 dated 3 July 2010, issued by the Ministry of Oil and Gas, the PSA LLP is authorized to:
- represent the Ministry of Oil and Gas in the matters of protection of the Competent Body’s interests in the North Caspian Production Sharing Agreement signed on 18 Nov 97 and the Final Agreement of sharing production of the contract are of the Karachaganak oil and gas condensate field signed on 18 Nov 1997.
- participate in the Management Committees as the Competent Body as well as in other management bodies related to the projects.