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. Last Updated: 07/27/2016

12/02/1992

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Kazakhstan Welcomes The West in Oil Search

While U. S. oil giant Chevron may dominate the headlines when it comes to Kazakhstan's oil, other deals in the pipes with Western companies may fulfill the former Soviet republic's ambitions of tripling oil production over the next 20 years. Once the deal with Chevron over the massive Tengiz field near the Caspian Sea is signed, due by Jan. 1, the next in line is Karachaganak, one of the largest liquid-gas fields in the world. In a joint venture, the Italian state oil company, Agip, and British Gas have the exclusive rights to negotiate with the Kazakhs over the field. ""Talks are underway"", said Giampaolo Poggiagliolmi, Agip's representative in the Kazakh capital, Alma Ata. ""We hope to reach agreement by next spring"". If and when the deal is signed, it may be worth as much as $3 billion over the next decade. British Gas is said to have initially put $20 million into the venture. The speed with which the Kazakhs have been moving has Western oil executives based in Alma Ata pleasantly surprised.

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