OFAC licence authorises provision of oilfield services for CPC, Tengizchevroil, Sakhalin-2 until June 28, 2025 – DocumentThe US Treasury Department has made an exception to the latest sanctions prohibitions on the provision of oilfield services to the Caspian Pipeline Consortium (CPC), Tengizchevroil and the Sakhalin-2 project.The OFAC (Office of Foreign Assets Control, a division of the US Treasury Department responsible for sanctions enforcement) document sets the validity of this licence until 28 June 2025.This includes services related to oil transportation.The 1,511 km CPC pipeline connects oil fields in western Kazakhstan and Russian fields on the Caspian shelf with the marine terminal in Novorossiysk. The system is the main export route for Kazakh oil, accounting for more than 80% of Kazakhstan's volumes pumped through the pipeline. Currently, the CPC can transport around 72.5 million tonnes of oil per year from Kazakhstan and up to 83 million tonnes per year through Russia. 64.4 million tonnes of oil were pumped through CPC pipeline in 2024.The shareholders of CPC, apart from Transneft (MOEX: TRNF) and Russia, include Kazakhstan (represented by KazMunayGas at 19% and Kazakhstan Pipeline Ventures LLC at 1.75%) with 20.75%, Chevron Caspian Pipeline Consortium Company with 15%, Lukoil International GmbH with 12.5%, Mobil Caspian Pipeline Company with 7.5%, Rosneft-Shell Caspian Ventures Limited with 7.5%, BG Overseas Holding Limited with 2%, Eni International N.A. N.V. with 2% and Oryx Caspian Pipeline LLC with 1.75%.The shareholders of Tengizchevroil LLP, which is developing the Tengiz field in Kazakhstan, are Chevron (50%), ExxonMobil (SPB: XOM) Kazakhstan Ventures Inc (25%), Kazakhstan through KazMunayGas (20%), LUKOIL (5%). The Tengiz oil and gas field is one of the largest in Kazakhstan, with oil reserves of 3.1 billion tonnes. In January-June 2024, the field produced 14.4 million tonnes of oil (114.6 million barrels), 3.4% less than in the first half of 2023.The Piltun-Astokhskoye and Lunskoye fields on the Sakhalin shelf are being developed as part of Sakhalin-2. The Sakhalin-2 LNG plant at Prigorodnoye (south of Sakhalin) was commissioned in February 2009 and reached its full design capacity of 9.6 million tonnes of LNG per year in 2010. Subsequently, an optimisation programme increased its productivity by 20% to 11.5 mtpa. Gazprom, Mitsui and Mitsubishi are joint owners of Sakhalin Energy LLC. (ICE ALMATY)

Fonte notizia: INTERFAX