Karachaganak is located in the northwest region of Kazakhstan and it is one of the world’s largest oil and gas condensate fields. Covering an area of over 280 square kilometres, it holds more than 1,200 million tonnes of oil and condensate and over 1.35 trillion cubic metres of gas.

The expansion of the field has involved an investment of over $ 5.5 billion and it is currently one of the biggest internationally funded project in Kazakhstan.

The field development is being overseen by four international partners – British company BG Group and Eni of Italy, each with a 32.5 percent interest, Chevron of the USA with 20 percent, and LUKOIL of Russia with 15 per cent. They came together to form Karachaganak Petroleum Operating B. V. (KPO).

The operations of KPO are regulated by the Final Production Sharing Agreement that was signed in 1997 by the government of the Republic of Kazakhstan and the KPO partners. Under the agreement, KPO will operate the Karachaganak facilities through to 2038.