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Another blow to Royal Dutch Shell

Screen Shot 2014-04-06 at 21.01.34Extract from a Steve LeVine article published 6 April 2014 by under the headline: “Kazakhstan’s largest oilfield will be shut down for at least two years”

Kashagan will be shut for at least two years while specialty pipelines are made to resist the unforeseen impact of toxic gas, according to a source close to the project. In recent weeks, word has dribbled out that Kashagan—one of the largest supergiant oil finds of the last half-century—may lie dormant through the summer…  Already, $50 billion has been spent, and the delay means a delay in billions of dollars in cashflow expected by Kazakhstan itself and major oil companies including ExxonMobil, Shell, Eni, and France’s Total.  …source close to the project said that Shell began a few days ago to notify its employees and contractors of the news of the long delay to restart the field. It remains to be seen how oil and stock markets will react to the news…

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