ASTANA, Kazakhstan, Sept. 24 (UPI) -- Kazakhstan is optimistic that one of its newer Caspian offshore oilfields could begin production by 2016.
KazInform news agency reported Thursday that KazMunayTeniz general director Yermek Marabayev told reporters in the capital of Astana that Kazakhstan's Pearl (Zhemchuzhina) field could produce its first oil in 2016.
"According to preliminary estimates, the first oil will be produced in 2016 under the most optimal scenario for the field's development," Marabayev said. "A lot will depend on the results of exploratory drilling at another two structures in the Zhemchuzhina area -- Naryn and Tulpar. Exploration drilling at the structures will be performed during the next year or two."
Like many of Kazakhstan's offshore Caspian projects, the 345.5 square-mile Pearl field is a joint production sharing agreement -- Shell EP Offshore Ventures Ltd retains a majority share of 55 percent in the project, with the remaining shares divided between KazMunayTeniz, 25 percent, and Oman Pearls Company Ltd, 20 percent.
Caspian development is an integral part of Kazakhstan's ambition to increase its oil production to 150 million tons per year by 2015.
