Extract from a Reuters/Rigzone article by Dmitry Zhdannikov, published Friday 6 June 2014
LONDON, June 6 (Reuters) – U.S. oil major Exxon Mobil is in line to take over as operator of the giant Kashagan field in an attempt to fix the beleaguered $50 billion project offshore Kazakhstan, industry publication Nefte Compass reported on Friday. The Kashagan shareholders are Eni, Exxon Mobil, Royal Dutch Shell, France’s Total and Kazakh state oil company Kazmunaigas, each with 16.8 percent, and Japan’s Inpex and China National Petroleum Corp. (CNPC) as junior partners.
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Kashagan Appoints Exxon Executive To Run Troubled Oil Venture
ALMATY, June 6 (Reuters) – The troubled Kashagan oil development has named an executive from U.S. firm Exxon Mobil to run the venture while also streamlining its complicated structure in an attempt to fix the beleaguered $50 billion project offshore Kazakhstan. The group said on Friday Stephane de Mahieu, an Exxon secondee, had become managing director as of May 1, 2014. However, it denied a report in industry publication Nefte Compass that Exxon would take over as operator of Kashagan saying that instead all seven oil firms involved will be effectively operators through a rejigged venture.
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