analysis
Kashagan, Kazakhstan’s jewel
Kazakhstan’s offshore Kashagan Caspian Sea field, discovered in 2000, is the largest oil field uncovered in the last 30 years, with potential reserves estimated to be as high as 70 billion barrels.
For a comparison, the Norwegian sector of the joint British-Norwegian North Sea oil fields contains approximately 30 billion barrels of recoverable crude. While North Sea oil was discovered in the early 1960s, its first well only began producing in 1971; costs and technological hurdles delayed full development of the fields until the 1980s, when rising oil prices made their development profitable.
Kashagan is the sole “superfield” to be discovered in the last three decades. The total Kashagan Contract area covers more than 2,125 square miles of northern Caspian Sea waters and contains five separate fields — Kashgan, Kalamkas A, Kashagan Southwest, Aktote and Kairan.
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