Agip KCO within North-Caspian project paid Kazakhstan the first production bonus - by results of year 2005 - KazMunayGas

/INTERFAX-KAZAKHSTAN, Astana, January 9, 06/ - Agip KCO within North-Caspian project paid Kazakhstan the first production bonus by results of year 2005. "On December 30 of 2005 operator of North-Caspian project paid bonus of production according to results of year 2005 to the account of treasury committee of Kazakhstan finance ministry in the amount of USD147.55 m.", - public relations department of KazMunayGas JSC said. The message says KazMunayGas JSC paid its part of bonus correspondingly to the stake in the project (USD12.29 m.)". The message explains "on November 3 of 2005 there was approved correction to the plan and budget of Kashagan field development, which determines total volume of extracted reserves - 1475.5 m. tons and, correspondingly, bonus of production in the amount of USD147.55 m.". Agip KCO consortium (former name - OKIOC) was founded as a result of signing a Production sharing agreement (PSA) with Kazakhstan government in year 1997 for 40 years. According to Agip KCO's former statements, the extracted oil reserves on Kashagan were at least 7-9 bn. barrels, and total geological oil reserves - 38 bn. barrels. Besides Kashagan, according to the PSA, the contract territory comprises three more structures: Kalamkas, Aktoty, Kayran. These 4 structures consist of 11 sea blocks, occupying the territory of 6 th. sq. km. [2006-01-12]