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Kazakhstan threatens review of Eni contract for giant oil field

AFP
ALMATY
Petroleumworld.com 07 30 07

Kazakhstan on Monday threatened to re-examine its contract with Italy's Eni to develop the Kashagan oilfield, one of the world's largest, following a new delay to its launch.

"I warn the company that we regard changes to the timetable for Kashagan as a change to the contract itself. Our actions will be appropriate," Prime Minister Karim Masimov said, Interfax reported.

"A contract should be respected by both parties," he said during a government meeting in the Kazakh capital Astana.

Eni, which is the lead operator of the Kashagan field, announced last week that the field would start production in 2010 rather than 2008.

It was the second time the company has pushed back the date, which was first set for 2005.

Energy Minister Baktykozha Izmukhambetov said that Eni had also upped the project's estimated cost to 136 billion dollars (100 billion euros), from the 57 billion dollars originally planned.

Negotiations between Eni and the Kazakh government are set for August 6.

Kashagan, located in the north-east of the Caspian Sea, has been billed as one of the largest oil discoveries of the past 30 years, with a minimum of seven billion to nine billion barrels of extractable crude from total reserves of 38 billion barrels.

Partnering with Eni in the project are French energy company Total, Royal Dutch Shell, ExxonMobil, ConocoPhillips, Japan's Impex and Kazakhstan state-owned KazMunaiGaz.

 

AFP 30 0821 GMT 07 07

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