Giant Kashagan oil field starts pumping

|By:, SA News Editor

The giant Kashagan oil field in Kazakhstan begins pumping its first oil, marking the end of nearly a decade of delays and cost overruns that have pushed the cost up to more than $40B.

Eni (E) says the field would grow up to a peak of 180K bbl/day in the first phase, then steadily grow up to 370K bbl/day.

Kazakh state energy company KazMunaiGaz, Eni, ExxonMobil (XOM), Royal Dutch Shell (RDS.A, RDS.B) and Total (TOT) each hold 16.8% stakes.

Kashagan and neighboring fields in the North Caspian Sea hold estimated reserves of ~35B barrels of oil in place.