Kazakhstan Gains 10% in BG, Eni-led Karachaganak Oil Venture

Kazakhstan agreed to acquire 10 percent of the country’s second-biggest producing oil field, operated by BG Group Plc and Eni SpA, ending a more than two-year dispute.

KazMunaiGaz National Co., the state oil and gas producer, will borrow $1 billion from the Karachaganak Petroleum Operating BV partners to buy 5 percent of the venture and get the other 5 percent in a “dispute settlement,” Oil and Gas Minister Sauat Mynbayev told reporters today in Astana.