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Shell gives up Kazakh oil field development

English translation of an article published by beursonline

“Shell gives up Kazakh oil field development”

Posted on Sep 26, 2019 at 4:49 PM | Reactions: 2

THE HAGUE (AFN) – Shell is currently refraining from developing an oil field in Kazakhstan. So far, the oil and gas giant has failed to make the Kalamkas-Sea oil field in the north of the Caspian Sea profitable. Insiders say that to press agency Bloomberg.

Shell is working with industry peers such as the Italian company Eni on the development of Kalamkas-Sea. The efforts of energy companies to reduce the costs of the project failed. In order to continue the development on Kalamkas-Sea, Shell and industry peers must still find a way to realize the development more cheaply.

Kalamkas-Sea is one of the five oil fields in the oil-rich area of Kashagan and could have been operational in 2027 according to earlier plans. Shell and its cooperation partners have now invested 50 billion dollars in the development of these oil fields.

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