Kashagan and Tengiz - Castor and Pollux
Article from: OGEL 3 (2004), in Taxation
Introduction
The super giant Kashagan discovery (announced in 2001) in the Kazakhstan sector of the North Caspian Sea is the world's largest discovery in three decades. Kashagan, located in shallow water, is an analog to the onshore Tengiz field located approximately 130 to 150 km (85 miles) to the southeast. Kashagan and Tengiz are the two largest fields in Kazakhstan - their oil reserves alone rival the United States 22 Billion barrels of oil, yet they have hardly begun to produce. Tengiz in 10 years of production has produced less than 10% of it's recoverable reserves. And while ...