The ENI-Shell-led consortium, which is developing the Karachaganak gas field, has signed an agreement in principle with the government of Kazakhstan that ends the $1,6 billion dispute over production quotas. This was revealed by the Interfax news agency, which in turn cites the Kazakh energy minister as a source, according to which the definitive agreement will be signed next November.
The consortium is formed by the group led by Claudio Descalzi and Shell which hold 29,25% each, together with Chevron (18%), Lukoil (13,5%) and the Kazakhstan state group, KazMunaiGas (1%).
According to Interfax, the oil companies will pay the Astana government $1,1 billion in order to end the dispute over profits. Not only. The parties will also change the terms of their agreement on production quantities from the Karachaganak field, which is one of the richest in the world. Suffice it to say that in 2017 production reached a maximum of 146 million barrels of oil equivalent covering about 49% of the country's gas volumes, producing 8,4 million tons of condensate (a product marketed together with oil) between January and August of this year.
In Piazza Affari, Eni's stock is up 0,7% in the wake of the rally in international oil stocks, galvanized by the NAFTA deal.
