Kashagan Group Should Cut Costs By $3B - KazMunaiGas

ALMATY, Kazakhstan (Dow Jones)

Kazakh state oil and gas company KazMunaiGas said Friday it has proposed that the consortium developing Kazakhstan's largest oil field Kashagan, in which it is involved, cuts costs by about $3 billion in 2010.

The company's press service said the North Caspian Operating Co., which develops the giant Kashagan field in the Kazakh part of the Caspian Sea, had originally planned to spend about $10.4 billion this year. A spokesperson told Dow Jones Newswires that the planned expenditures were preliminary figures.

The consortium, which comprises France's Total SA (TOT), U.S.-based ExxonMobil (XOM), ConocoPhillips (COP), Royal Dutch Shell PLC (RDSA.LN), KazMunaiGas, Italy's Eni SpA (E), and Japan's Inpex (1605.TO), has spent $28 billion between 1997 and 2009, including $6.2 billion that was spent last year, KazMunaiGas said.

Copyright (c) 2010 Dow Jones & Company, Inc.

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