Asset Report
Kashagan Contract Area
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Report summary
The Majors-led North Caspian Operating Company (NCOC) consortium operates the super-giant Kashagan field and its satellites in the shallow waters of the north Caspian Sea. Kashagan is the largest deposit in Kazakhstan and its development is one of the world's most challenging and capital-intensive projects. Total capital expenditure exceeded US$60 billion (nominal terms) by start-2023.Oil production capacity is currently more than 435,000 b/d after upgrades in 2022. Kashagan's oil ...
Table of contents
- Key facts
-
Summary and key issues
- Summary
- Key issues
- Location maps
-
Participation
-
PSC
- Potential contract extension
- Satellite field statuses
-
Operating structure
- Current
- Previous
-
Corporate
- KMG Kashagan (state-owned stake)
- Other participation changes (2010 onwards)
-
PSC
-
Geology
-
Kashagan
- Structure
- Reservoirs
- Reservoir quality
- Hydrocarbon quality
- Aktote and Kairan
-
Kashagan
-
Exploration
- Pre-PSC activity
-
PSC activity (1997 onwards)
- Work commitments
- E&A activity
- Future appraisal
-
Reserves and resources
-
Kashagan
- Oil
- Gas
- LPG and condensate
- Satellite fields (Aktote and Kairan)
-
Kashagan
-
Production
-
Oil
- Overview
- Kashagan Phase One
- Kashagan Phase Two A
- Kashagan Phase Two B
- Contingent resources
-
Gas production and sales
- Overview
- Kashagan Phase One
- Kashagan Phase Two A
- Kashagan Phase Two B
- Contingent resources
-
LPG
- Current operations
- Future operations
- Condensate
-
Emissions
- Operator target
- Reported data
- Corporate strategies
-
Oil
-
Development
-
Kashagan
- Overview
- Key development metrics
- Key dates
-
Satellite fields
- Aktote and Kairan
- Kalamkas More (relinquished in 2019)
-
Kashagan
-
Infrastructure
-
Oil
- Marketing approach
- Export diversification after CPC disruption (2022 onwards)
- Caspian Pipeline Consortium (CPC) pipeline
- Baku-Tbilisi-Ceyhan (BTC) pipeline (via trans-Caspian tanker shipment)
- Uzen-Atyrau-Samara (UAS) pipeline
- Kazakhstan-China Oil Pipeline
- Rail
-
Gas
- NCOC-operated GPP
- Future GPPs
- LPG and plant condensate
- Sulphur
-
Oil
-
Costs
- E&A costs
-
Capital costs
- Modelling
- Future major capital projects
-
Operating costs
- Field costs
- Abandonment fund payments
- Transportation costs
-
Sales contracts
- Oil
- Gas
-
Fiscal and regulatory
-
Overview
- Current PSC dispute
- Previous PSC disputes
-
PSC terms
- Royalty
- Cost oil
- Profit oil
- Profit tax (corporate income tax)
- Bonuses
- Fines and penalties
- Social investment programme
-
Overview
-
Economic assumptions
- Cash flow
- Discount rate and date
- Inflation rate
-
Oil price
- CPC blend price
- Azerbaijan transit (via BTC pipeline) price
- KEBCO blend price
- Kazakhstan-China export price
-
LPG and plant condensate price
- NCOC output
- Third-party GPP output
-
Gas price
- Sales gas (NCOC GPP)
- Raw gas (to third-party GPPs)
- Global Economic Model (GEM) files
-
Economic analysis
- Indicative technical valuations
Tables and charts
This report includes 35 images and tables including:
- Key facts: Table 1
- Index map
- Kashagan Contract Area map
- Exploration: Table 1
- Cash Flow
- Economic analysis: Table 2
- Economic analysis: Table 3
- Split of Revenues
- Cumulative Net Cash Flow - Undiscounted
- Cumulative Net Cash Flow - Discounted at 10% from 01/01/2024
- Remaining Revenue Distribution (Discounted at 10% from 01/01/2024)
- Project Sensitivities to Commercial Criteria
- Geology: Table 1
- Geology: Table 2
- Geology: Table 3
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Production: Table 2
- Production: Table 3
- Kashagan Contract Area production profile
- Infrastructure: Table 1
- Sales contracts: Table 1
- Economic analysis: Table 4
- Participation: Table 1
- Production: Table 1
- Development: Table 1
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Fiscal and regulatory: Table 1
- Fiscal and regulatory: Table 2
- Fiscal and regulatory: Table 3
- Fiscal and regulatory: Table 4
- Fiscal and regulatory: Table 5
- Fiscal and regulatory: Table 6
What's included
This report contains:
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