Kazakh Petroleum Minister Uzakbay Karabalin said that oil extraction at Kashagan in the Atyrau Region of the republic will start no late than in October, Trend reports.
The official noted that 98% of the project was completed.
Kashagan is located in the northern part of the Caspian Sea, 80km away from Atyrau and covers 5,600 square km. It holds 35 billion barrels of oil, about 9-13 billion barrels are extractable.
NCOC North Caspian Operating Company B.V. operates the North Caspian project. The shareholders of the project are as follows: Agip Caspian Sea B.V. (16.81%), KMG Kashagan B.V. (16.81%), Conocophillips North Caspian Ltd. (8.4%), ExxonMobil Kazakhstan Inc. (16.81%), Inpex North Caspian Sea Ltd. (7.56%), Shell Kazakhstan Development B.V. (16.81%) and Total E&P Kazakhstan (16.81%).
