Tsentralnoye field reaches presidential level, but production to start not soon

The development of the oil and gas field on the central North Caspian shelf can finally get off the ground. This week, Russia and Kazakhstan plan to coordinate the change of the intergovernmental agreement, which will allow the joint venture of KazMunayGas, Gazprom and Lukoil to obtain a new license for geological exploration and production, the lack of which hindered the project for the past five years. But in conditions of low oil prices the production at it will only begin after 2020.

Vladimir Putin will sign a document on amendments to the agreement of 1998 on the delimitation of mineral resources of the North Caspian with the Kazakh President Nursultan Nazarbayev, said Russian presidential aide Yury Ushakov. Vladimir Putin will visit Kazakhstan on October 15. "The document regulates the issues of the joint development of the oil-bearing structures of Tsenralnaya," - said Mr. Ushakov. Thus, the project of this field development, which didn’t move forward during the past five years, can get off the ground.