High Quality Content by WIKIPEDIA articles! Karachaganak Field is a gas condensate field in Kazakhstan. It is located about 150 km east from the city of Oral (Uralsk) in the northwest of Kazakhstan. The field was once a massive Permian and Carboniferous reef complex covering an area 30 by 15 square kilometres (12 by 5.8 sq mi). At its largest point the reservoir contains a gas column 1,450 metres (4,760 ft) deep with a 200 metres (660 ft) deep oil rim below it. It is estimated to contain 1.2 trillion cubic metres (42 trillion cubic feet) of gas and one billion tonnes of liquid condensate and crude oil. Discovered in 1979, it began production under Karachaganckgazprom, a subsidiary of the Russian Gas Company Gazprom. Kazakhgas took over operatorship after the independence of Kazakhstan in 1992. in 1992 AGIP (now Eni) and the then British Gas (now BG Group) were awarded the sole negotiating rights, forming a partnership company. In 1997 Texaco (now Chevron Corporation) and Lukoil signed a production sharing agreement with the original two companies and the Kazakhstan Government. This is a 40-year agreement to develop the field to allow the production to reach world markets. This is done under a partnership company known as Karachaganak Petroleum Operating (KPO) where BG Group and ENI are joint operators with a 32.5% stake each in the company, with Chevron and Lukoil owning 20% and 15% respectively.