Kazakh Oil Minister Hopes for Kashagan Deal by Nov 30
ROME Nov 14, 2007 (Dow Jones Newswires)
Kazakhstan Energy Minister Sauat Mynbayev Wednesday said he hopes to reach an accord with the consortium developing the giant Kashagan field by the end of the month.
Speaking at the sidelines of the industry's World Energy Congress here, he said that he's also willing to extend that deadline if the talks are not completed by Nov. 30.
The Eni SpA (E)-led consortium developing Kashagan is in a dispute with Kazakhstan over the buildup of costs and delays in the startup of production at the massive field.
"I'm not optimistic or pessimistic" about the ongoing talks, the minister said.
He said that Kazakhstan's government is looking to increase the stake of the state-owned oil company KazMunaiGas in the Kashagan project.
Eni, the sole Kashagan operator, holds an 18.5% stake in the development consortium, the same as ExxonMobil Corp. (XOM), Royal Dutch Shell PLC (RDSA) and Total SA (TOT).
ConocoPhillips (COP) holds 9.3%, while Japan's Inpex (1605.TO) and KazMunaiGas each own 8.3%.
Copyright (c) 2007 Dow Jones & Company, Inc.
Operates 15 Offshore Rigs
- ExxonMobil's Reserves Jump 19% On Growth In US Shale, UAE (Feb 09)
- ExxonMobil Hits Baytown Ethane Cracker Milestone (Feb 07)
- ExxonMobil Stock Rout Deepens as Profit Flub Meets S&P 500 Plunge (Feb 05)
Company: ConocoPhillips more info
Operates 13 Offshore Rigs
- Why Canada Is The Next Frontier For Shale Oil (Jan 29)
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
Company: ENI more info
Operates 12 Offshore Rigs
- Egypt's Potential Gas Surplus Could Feed Global LNG Glut (Feb 20)
- Egypt With Eni to Fast-Track Zohr Gas Output, Minister Says (Jan 31)
- Statoil Quits Talks Over Stake In Mozambique Offshore Gas Block (Jan 29)
Company: Inpex more info
Operates 1 Offshore Rigs
- Inpex Halts Construction At Australian LNG Site After Worker Dies (Nov 30)
- Japan's Inpex Says Ichthys LNG Project On Track For March Start (Nov 08)
- Statement: Indonesia To Extend Inpex's Masela LNG Contract By 27 Years (Oct 19)
Company: KazMunaiGaz more info
- Kazakhstan's Giant Kashagan Oil Field Begins Commercial Output (Nov 21)
- Kazmunaigas EP Says Cash Flow Stabilises (Jul 04)
- Chevron Deadline Nears For $40B Bet On Next Decade's Oil (Jul 01)