(MENAFN- Trend News Agency ) Baku, Azerbaijan, Nov.17
By Nigar Guliyeva – Trend:
Kazakh President Nursultan Nazarbayev met with Royal Dutch Shell PLC delegation headed by CEO Ben van Beurden, the press service of the president reported.
The sides discussed current issues and prospects for cooperation in the oil and gas sector of the country, including the further development of the Karachaganak and Kashagan projects.
Berden recalled that on Nov.18, 20 years will pass from the signing of the Production Sharing Agreement on these fields.
"These projects turned out to be very good and effective. All expenses were repaid on time, and now the projects are working for profit," Nazarbayev responded in turn.
Kazakh Prime Minister, Bakytzhan Sagintayev also met with the Royal Dutch Shell PLC delegation.
The sides discussed the issues of the cooperation and the implementation of the joint oil and gas industry projects in Kazakhstan.
Shell is a global group of energy and petrochemical companies. Shell, a British-Dutch multinational oil and gas company, is one of the parties to the North Caspian Production Sharing Agreement signed on 18th November 1997.
Kazakhstan, holding 3 percent of the world's oil reserves, is among the top 15 countries in the world in terms of proven oil reserves.
Oil and gas bearing areas occupy 62 percent of the country's territory, and have 172 oil fields, of which more than 80 are under development. More than 90 percent of the oil reserves are concentrated in the 15 largest fields.
The fields are located on the territory of six of the fourteen regions of Kazakhstan. These are the Aktyubinsk, Atyrau, West Kazakhstan, Karaganda, Kyzylorda and Mangistau regions. About 70 percent of hydrocarbon reserves are concentrated in the west of Kazakhstan.
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