Kashagan oilfield in Kazakhstan starts crude production

Sep 11. Reuters. MOSCOW

Kashagan oilfield in Kazakhstan starts crude productionThe giant Kashagan oilfield in Kazakhstan produced first oil on Wednesday after years of delay, the consortium, which is developing the deposit, said.

“The first well was opened and the initial volumes of oil are being produced from the Kashagan field,” the North Caspian Oil Company (NCOC) said in a statement.

The launch of production means that the consortium members will avoid fines for missing an Oct. 1 production deadline.

KazMunaiGas, Italy’s ENI, U.S. major ExxonMobil, Royal Dutch Shell and France’s Total each hold 16.81 percent stakes in Kashagan. Japan’s Inpex owns 7.56 percent.

China National Petroleum Corp (CNPC) acquired a 8.33 percent stake earlier this year. The deal, estimated to be worth $5 billion, followed Kazakhstan’s decision in July to use its pre-emptive rights to buy an 8.40 percent stake from U.S. oil major ConocoPhillips in the field for a similar price.

http://www.reuters.com/article/2013/09/11/oil-kashagan-output-idUSL5N0H71GE20130911

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Eni says Kashagan to produce up to 180,000 boed in first phase

Sep 11. Reuters. MILAN

Italian oil and gas group Eni said on Wednesday that output at the giant Kashagan oil field in Kazakhstan would grow up to a peak of 180,000 barrels per day in the first phase.

In a statement Eni said production would then steadily grow up to 370,000 barrels of oil equivalent per day.

Earlier on Tuesday the consortium developing the deposit said Kashagan produced its first oil on Wednesday after years of delay.

KazMunaiGas, Eni, U.S. major ExxonMobil, Royal Dutch Shell and France’s Total each hold 16.81 percent stakes in Kashagan. Japan’s Inpex owns 7.56 percent.

http://www.reuters.com/article/2013/09/11/eni-kashagan-idUSI6N0GA01O20130911

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