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Wednesday, 25 February 2004
KAZAKHSTAN AND INTERNATIONAL OIL GIANTS SIGN AGREEMENT ON KASHAGAN FIELD
By empty (2/25/2004 issue of the CACI Analyst)
Kazakhstan\'s state oil-and-gas company KazMunaiGaz signed an agreement in Astana on 25 February with the members of the international consortium that is developing northwest Kazakhstan\'s Kashagan oil field. The field was scheduled to start producing in 2005, but the consortium will be unable to meet the deadline. Kazakh Prime Minister Akhmetov told journalists on 25 February that according to the revised schedule, oil will start flowing from Kashagan in 2007 or 2008.
Kazakhstan\'s state oil-and-gas company KazMunaiGaz signed an agreement in Astana on 25 February with the members of the international consortium that is developing northwest Kazakhstan\'s Kashagan oil field. The field was scheduled to start producing in 2005, but the consortium will be unable to meet the deadline. Kazakh Prime Minister Akhmetov told journalists on 25 February that according to the revised schedule, oil will start flowing from Kashagan in 2007 or 2008. It is estimated that the field will produce 56 million tons of oil per year by 2015. It has 4.8 billion tons of proven reserves, making it one of the largest oilfields in the world. The development consortium is led by Italy\'s AGIP, and includes British Gas, ExxonMobil, Shell, Total, ConocoPhillips, and Inpeks. (RIA-Novosti)