News from Kazakhstan about Oil Consortium KPO

The authorities of Kazakhstan can impose penalty on Karachaganak Petroleum Operating international consortium for the sum as much as $2 billion.

This was reported on Tuesday, October 27, by Bloomberg agency with reference to sources in the governing body of the Republic of Kazakhstan.

According to agency sources, the reason for penalty may be a complaint that the government of Kazakhstan made against "Karachaganak Petroleum Operating" in 2010. Then the consortium was accused in deliberate overestimation of financial expenses on development of Karachaganak oil and gas field, as well as violation of labor and ecological legislation.

The Karachaganak oil-gas condensate field is located in the West Kazakhstan Oblast (region). The field is developed by the Karachaganak Petroleum Operating international consortium where BG and Eni each own 29.25 percent, Chevron Corp. has 18 percent, OAO Lukoil 13.5 percent and KazMunaiGaz 10 percent.

in which belongs to the BG Group and Eni companies on 29,25%, Chevron – 18%, "Lukoil" – 13,5%, "KazMunaiGas" – 10%.

Article posted by AK ZHAIK

INC News, 28/10/2015