Kashagan Oil Field's First Phase To Cost $38 Billion - KazMunaiGas
October 07 2009 - 8:32AM
Dow Jones News
Development of the initial stage of the giant Kashagan oil field
in the Caspian Sea will cost $38 billion, the chief executive of
Kazakhstan's state oil and gas company KazMunaiGas said
Wednesday.
"$21 billion has been spent while the cost of the experimental
development of the oil field is $38 billion," Kairgeldy Kabyldin
told an oil and gas conference here.
He said that the Kashagan consortium, which includes KazMunaiGas
and major international oil companies such as ExxonMobil Corp.
(XOM), ConocoPhillips (COP), Eni SpA (E), and Total S.A. (TOT.FR),
was on track to start commercial production at Kashagan by the end
of 2012, as scheduled.
Kashagan will produce 450,000 barrels of oil per day at the
initial stage and will boost its output to 1.5 million b/d when it
reaches the third and final stage of its development. It will be
Kazakhstan's largest oil producing field.
The government had previously said the total cost of the
Kashagan development was $136 billion.
Consortium Web site: www.ncoc.kz
-By Kadyr Toktogulov, Dow Jones Newswires; +7 701 726 4327,
kadyr.toktogulov@dowjones.com