energy
Kashagan execs meet in Kazakhstan to advance plan
Executives from a Western oil consortium developing the Kashagan field sat down for talks with Kazakh officials on Thursday to push on with the project’s new development plan, said a source close to the talks.
The consortium, which unites Italy’s Eni, Exxon Mobil, Royal Dutch Shell and other majors, is due to submit its proposals on the future of the world’s biggest oil find in three decades by the end of this month.
The source told Reuters consortium members and Kazakh officials met in the capital Astana to discuss details of a deal reached in January that ended months of tense negotiations over cost overruns and production delays at Kashagan.
The source said vice-presidents of consortium companies were holding closed-door talks with senior officials from the Kazakh energy ministry and national oil company KazMunaiGas [KMG.UL].
The January deal, while calming investor confidence shaken after six months of squabbling between Kazakhstan and the oil majors, will be enforced only after the sides agree on the precise production and structural details of the project.
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