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Karachaganak, which is located in northwestern Kazakhstan near the border with Russia, is estimated to hold around 1.2 billion tons in oil reserves and 1.35 trillion cubic meters of natural gas. Under the deal finalized Thursday, the project will be allocated an additional annual 2 million tons of capacity through the Caspian Pipeline Consortium oil pipeline over the next 26 years. Exports will be exempt from custom duties over that same period, BG Group said. The next phase in the project's development is expected to see gas output double to 38 billion cubic meters per year.
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