Karachaganak and Kazakhstan's oil policy
By Najia Badykova
November 16th, 2015, The CACI Analyst
Last month, Kazakhstan’s energy minister announced that his ministry would not at present exercise its so-called pre-emption rights to purchase British oil and gas company BG Group’s share in the Karachaganak project. This could be a break in a pattern of acquisitions driven more by economic than political factors. Royal Dutch Shell’s proposed US$ 70 billion buyout of BG Group would give it a major stake in Karachaganak, one of Kazakhstan’s biggest hydrocarbon deposits. Karachaganak accounted for about 15 percent of BG’s total production volume and 9 percent of its US$ 19 billion in revenue in 2014, a BG report has stated. Indeed, it has been a cash cow for BG.
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