Kashagan oil field gets kick start

July 1, 2013 at 7:17 AM

ASTANA, Kazakhstan, July 1 (UPI) -- An energy company operating in Kazakhstan announced development is under way at the giant Kashagan oil field, one of the largest in the world.

British Prime Minister David Cameron met last weekend with Kazakh President Nursultan Nazarbayev to mark initial development from the oil field. The North Caspian Operating Co. said in a statement Sunday it has now completed all of the facilities necessary for initial production at Kashagan

The company said production will get under way in stages, with the first stage expected to give up 180,000 barrels per day through 2014

The Kashagan oil field is one of the largest in the world, with as much as 16 billion barrels of estimated commercial reserves. The International Energy Agency said oil exports from Kazakhstan should more than double by 2035.

The NCOC said its oil transit options include exports to the 28-member European Union and oil-hungry China where demand is expected to increase significantly this year.

The majority of the $40.3 billion in trade between the EU and Kazakhstan in 2012 was in the oil and natural gas sector.

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