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MoneyCNN.com: Kazakh PM: Kashagan Delay Is Breach Of Contract – Report -2-

July 30, 2007: 02:59 AM EST

In addition to the delay to the start of production, Eni also notified the Kazakh government that the project’s costs would rise to $13.6 billion from $5.7 billion.

Kazakh Energy and Natural Resources Minister Baktykozha Izmukhambetov was quoted by Interfax as saying the government would hold a month-long negotiation with Eni in August over revised terms for Kashagan.

The recoverable oil reserves at Kashagan are estimated at a minimum of 7 billion-9 billion barrels and the total oil in place at 38 billion barrels.

Agip KCO, the field’s operator, is owned by Eni, Total SA (TOT), ExxonMobil Corp (XOM), Royal Dutch Shell (RDSA), all of which have 18.52% each, ConocoPhillips (COP) – 9.26%, Inpex and KazMunayGas – 8.33% each.

Agency Web site: http://www.interfax.ru

  (END) Dow Jones Newswires
  07-30-07 0259ET
  Copyright (c) 2007 Dow Jones & Company, Inc.

http://money.cnn.com/news/newsfeeds/articles/djf500/200707300259DOWJONESDJONLINE000063_FORTUNE5.htm
 

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