Kazakhstan sees Kashagan 2014 oil output at 8M tons

|By:, SA News Editor

Kazakhstan, whose giant Kashagan oilfield started output last week, expects the deposit to achieve commercial production in October and produce ~8M metric tons of crude in 2014, the country's oil and gas minister says.

Central Asia's largest economy and the second-largest ex-Soviet oil producer after Russia, Kazakhstan has forecast Kashgan will produce 1M bbl/day from 2020 and eventually reach 1.5M.

KazMunaiGas, ExxonMobil (XOM), Royal Dutch Shell (RDS.A, RDS.B) and Total (TOT) and Eni (E) each hold 16.81% stakes in Kashagan; China National Petroleum (PTR) acquired an 8.33% stake this year, and Japan's Inpex owns 7.56%.