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Kashagan aka Cash All Gone

Screen Shot 2014-03-10 at 23.56.16Extracts from an article by Rupert Hargreaves published by The Motley Fool on Mar 31st 2014 under the headline: ExxonMobil Is Spending Plenty but Growth Is Just Around the Corner

The Kashagan field is the largest oil discovery in 40 years, and the project to develop the field has required so much investment and expertise that a consortium of oil majors has been required to develop it. The consortium includes Exxon, Royal Dutch Shell , Italy’s Eni , and France’s Total. Kashagan is not just one of the world’s largest oil fields, but it has also turned into one of the most complex and expensive oil projects ever. From an initial cost estimate of $57 billion for the life of the project, its development is now expected to cost a staggering $136 billion over its lifetime — that’s 138% more than originally planned. Exxon and Shell each have just under a 17% stake in the project, amounting to almost $650 billion in revenues each over the life of the project.

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