KazMuaniGas attracts from western banks $800 m. for realization of Northern-Caspian project

/INTERFAX-KAZAKHSTAN, Astana, February 3, 06/ - National oil and gas company of Kazakhstan KazMuaniGas attracts from western banks unsecured loan for $800 m. for financing of Northern-Caspian project. These funds are planned to be attracted with term for 18 months at the rate Libor +0,5%, the national company's message spread on Friday says. In this connection appointed leading organizers of loan were announced: Citigroup, BNP Paribas (credit agent) and Societe Generale (loan distributor). Meanwhile, as representative of KazMuaniGas explained to agency Interfax- Kazakhstan, these structures plan to provide the above funds. As it is known, for realization of Northern-Caspian project as a result of signing in 1997 with term 40 years of corresponding agreement about division of product (ADP) consortium Agip KCO was created. It holds works in a number of lands in Kazakhstan sector of Northern-Caspian shelf, the biggest of which is field Kashagan. Besides Kashagan, as per ADP, in contract territory of the consortium's drilling activity three more oil-bearing structures are included: Kalamkas, Aktoty, Kairan. All these 4 structures consist of 11 sea blocks, occupying territory in 6 th. sq. km. As per application of Agip KCO, extracted reserves of Kashagan oil are estimated as minimum in 7-9 bn. barrels, and total geological oil reserves of oil-bearing structure - 38 bn. barrels. Commercial petroleum production in field Kashagan consortium Agip KCO plans to start at the end of 2008. At present time participants of Agip KCO consists of the following members: Eni (united operator of Northern-Caspian project), Total, ExxonMobil, Royal Dutch/Shell have 18.52% stake of participation each, ConocoPhillips - 9.26%, Inpex and national oil and gas company of Kazakhstan KazMuaniGas - 8.33% each. [2006-02-03]