Karachaganak partners reach agreement with Kazakhstan

US energy company Chevron has confirmed that the Karachaganak project partners have reached an agreement with the government of Kazakhstan for it to become a 10 per cent equity owner in the Karachaganak project.

The transfer of equity to the Kazakhstan government is anticipated to occur on 30 June 2012.

The Karachaganak Venture is comprised of operators BG Group (32.5 per cent) and ENI (32.5 per cent), as well as Chevron International Petroleum (20 per cent) and Lukoil (15 per cent).