Caspian Gas
The American Caspian Gas Corporation, successor of American International Petroleum Corporation (AIPC), plans to invest about $150 million into the development of the Kazakhstan gas field Shagyrly-Shomyshty (Mangistau oblast) with the approved reserves of 32 billion cubic meters of gas. It was said about it in the interview to the "Panorama" newspaper by the president of Caspian Gas James Night.
According to him, the company intends to involve the necessary means as a long-term syndicated loan. In this regard, the company is currently in talks with the Kazakhstan and international financial organizations. The loan proceeds will be directed at implementing the program for 2D and 3D seismic survey, drilling about 50 exploration wells, construction of a 95-kilometer gas pipeline from the Shagyrly-Shomyshty field to the Beineu station for subsequent joint with the main gas pipeline Central Asia-Center (??C), and also development of infrastructure facilities.
During Soviet times 50 exploration wells were drilled at Shagyrly-Shomyshty, however practically they were not developed. Since 1999, a 30-year license for the development of the field belongs to AIPC, which earlier undertook unsuccessful attempts to involve a partner-investor into the project, in particular, the Tyumen Oil Company. The real works on the development of Shagyrly-Shomyshty began only in February 2004, when AIPC was nominated its subsidiary Caspian Gas as operator of the project.
As Mr. Night informed, the company intends to develop the Shagyrly-Shomyshty field on the basis of the commercial plan elaborated in 2001 by American Paragon Corporation. The experts of Caspian Gas studied this plan and adapted it to the current conditions. According to the company's president, since the last year the Kazakhstan geophysical enterprise Dank has been conducting here 2D and 3D seismic surveys. At the first stage (pilot research) it will be drilled four exploration wells of various type at the field. After interpretation of the obtained data at the end of August - early September, Caspian Gas will take the decision concerning drilling of other wells. The company plans to start a large-scale drilling at the end of 2005. |
