U.S. authorizes service-related transactions with LUKOIL, Rosneft in Kashagan, CPC and Tengiz projectsThe U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a license allowing transactions related to the provision of services involving sanctioned companies LUKOIL and Rosneft within the oil and gas projects of the Caspian Pipeline Consortium (CPC), Kashagan and Tengiz.The authorization does not permit any transactions involving the sale or transfer of equity stakes in these projects.OFAC has also allowed the provision of oilfield services and oil transportation—subject to compliance with the established price cap—for the three projects. These activities had been prohibited under measures introduced by the previous U.S. administration on January 10, 2025.Earlier, temporary exemptions to these restrictions were granted for the CPC, Tengiz and Sakhalin-2 projects.On October 23, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) included Lukoil and Rosneft on the sanctions list and issued a license for winding down activity valid until November 21. At the same time, the U.S. exempted such Lukoil projects in Kazakhstan as the Caspian Pipeline Consortium and Tengizchevroil from the sanctions.The CPC pipeline links oil fields in western Kazakhstan and Russian fields on the Caspian Sea shelf with the marine terminal in Novorossiysk. It serves as the primary export route for Kazakh crude, with Kazakh volumes making up more than 80% of the system’s total throughput. The pipeline can transport about 72.5 million tonnes of oil annually from Kazakhstan and up to 83 million tonnes per year across Russian territory.The shareholders of Caspian Pipeline Consortium (CPC) are, among Transneft and the Russian Federation, Kazakhstan (represented by KazMunayGas - 19% and Kazakhstan Pipeline Ventures LLC - 1.75%) - 20.75%, Chevron Caspian Pipeline Consortium Company - 15%, LUKOIL International GmbH - 12.5%, Mobil Caspian Pipeline Company - 7.5%, Rosneft-Shell Caspian Ventures Limited - 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2%, and Oryx Caspian Pipeline LLC - 1.75%.Tengizchevroil JV (TCO) develops the Tengiz and Korolyov oil and gas fields in Atyrau region (west Kazakhstan). The Tengiz field was discovered in 1979 and now is one of the world’s deepest producing super giant fields. Estimated oil in place in the Tengiz field is 3.1 billion metric tonnes. The joint venture is currently owned by American ChevronTexaco Overseas (50%), ExxonMobil Kazakhstan Ventures Inc. (25%), Kazakhstan through the national company KazMunayGas (20%) and Russian-American JV LUKArco (5%). The company has been operating in Kazakhstan since 1993.The Karachaganak oil and gas condensate field is one of the largest in the world. Its reserves are estimated at 1.2 billion tonnes of oil and 1.35 trillion cubic meters of gas. It is operated by Karachaganak Petroleum Operating B.V., which is comprised of Shell that owns a 29.25% holding in KPO through its 100% affiliate company BG Karachaganak Ltd, Eni (29.25%), Chevron Corp. (18%), Lukoil (13.5%), and KazMunayGas (10%). Karachaganak Petroleum Operating has been developing the Karachaganak field since 1997 on the basis of a 40-year production sharing agreement. (ICE ALMATY)

Fonte notizia: INTERFAX