Kazakhstan Ministry of energy develops the question about annulment of APD with Agip on North-Caspian project

/INTERFAX-KAZAKHSTAN, Astana, January 11, 08/ - Ministry of energy and mineral resources of Kazakhstan is developing the question about annulment of agreement about products' division (APD) with international consortium Agip on North-Caspian project. "By ministry of energy and mineral resources together with KazMunayGas currently is developing the question and are preparing the needed documents about annulment of APD on North-Caspian project with Agip consortium", - had informed on Friday to agency Interfax-Kazakhstan the source, close to negotiations. "I think that during next week this question will be considered by the government", - he added. By his words, the bases for such decision is that suggestions of companies- participants of consortium "did not satisfy the requirements of Kazakhstan side due to absence of unite approach from all participants of consortium". For realization of North-Caspian project soon after signing of correspomdiong APD in year 1997 for 40 years'; term, was created the OKIOC consortium (former name Agip KCO). According to APD, to contract territory of boring of consortium are included fpour oil-bearing structures: Kashagan, Kalamkas, Aktogy and Kayran. These structures consist of 11 sea blocks, taking the territory about 5.6 th. square kilometers. Extracted reserves of oil of Kashagan are estimated minimally at 7-9 bn. barrels, and total geological oil reserves of this oil-bearing structure - at 38 bn. barrels. Currently the staff of participants of Agip KCO looks in next way: Eni, Total, ExxonMobil, Shell have 18.52% each, ConocoPhillips - 9.26%, Inpex and KazMunayGas - 8.33% each. Last summer Kazakhstan side expressed the discontent abut rates o development of Kashagan project, in particular in connection to delay of start of industrial extraction on Kashagan field from year 2008 to first half year of 2010 and significant increase of expenses on project - from $57 bn. to $136 bn. at that Kazakhstan side claimed the status of big participant of project for its national company KazMunayGas. Minister of energy and mineral resources of republic Sauat Mynbayev announced that Kazakhstan had negotiated to increase the stake of KazMunayGas in the project to 16.8%, however with one of the companies (ExxonMobil) the agreement about price was not found. Kazakhstan side and Eni are negotiation about regulating of questions since august of last year. [2008-01-11]