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Total: No Oil Output Expected From Kashagan In 2014

|Includes: IPXHF, KZMNY, RDS.A, TOTAL S.A. (TOT), XOM

Total Head (E&P), Yves-Louis Darricarrere, said: "What is clear is that no production can be expected in 2014, and in 2015...it will be probably little".

Production was stopped when a gas leak was detected, two weeks after its Sep-2013 launch. Another leak was detected in Oct-2013 after a brief restart. The leak was discovered on the pipeline running from the artificial D Island in the Caspian Sea to the onshore Bolashak processing plant.

Kashagan ownership: KazMunaiGas (16.81%), ENI, (16.81%), ExxonMobil (16.81%), Shell (16.81%), Total (16.81%), Inpex (7.56%) and CNPC (8.33%).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.