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Thursday, Sep 26
Kashagan accident won't delay commercial output, Kazakh minister says
- An accident that has halted production at Kazakhstan's giant Kashagan offshore oilfield just two weeks after its launch will not delay the start of commercial output in October, the country's oil and gas minister says.
- The multi-national consortium developing Kashagan - which includes Exxon (XOM), Shell (RDS.A, RDS.B), Eni (E) and Total (TOT) - needs to launch commercial output by an October deadline or faces fines under a production-sharing agreement with Kazakhstan.
- It took nearly 13 years and ~$50B before first oil was produced on Sept. 11 at the field in the Caspian Sea, where production eventually is expected to reach 1.5M bbl/day.