Alex Brett
Sunday August 26, 2007
Agip KCO, the energy consortium which will operate the highly prized Kashagan oilfield in Kazakhstan, has been forced to renegotiate its deal with the Kazakh authorities amid allegations that its development will inflict what was described earlier this week as ‘irreparable damage to the environment’.
The consortium, comprised of seven companies, most notably Shell, Exxon Mobil, Total and ENI, its operator, was due to begin drilling its first well in 2005, but this was postponed to 2008.
Last month, however, in plans submitted to the Kazakh government, the consortium announced it would begin production in 2010. ENI said that the board members were prepared to ‘reach a compromise’, which will see the Kazakh government get more than its expected 10 per cent of royalties. Sources have suggested it would like 40 per cent of the crude oil revenues.
http://observer.guardian.co.uk/business/story/0,,2156199,00.html
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