Eni SpA (E), the Italian energy company leading the consortium developing Kashagan, expects the start of output at the oil project in Kazakhstan to begin in the last quarter of 2012, according to a slide on its Web site Thursday.
Kashagan, which has been plagued by delays and cost overruns, will start daily output of 150,000 barrels of oil equivalent in the last three months of 2012.
Daily production will rise to a capacity of 370,000 BOE in 2014, according to the slide presented to analysts and investors at a presentation Thursday in Kazakhstan.
The Eni-led consortium and the Kazakh government agreed this summer to extend the deadline for first output to October 2013, while the head of the energy association in the Central Asian country said earlier this month first oil was seen in 2014.
The consortium is made up of Total SA (TOT), Royal Dutch Shell PLC (RDSB.LN), Exxon Mobil Corp. (XOM), ConocoPhilips (COP), Japan's Inpex Holdings Inc. (1605.TO) and state-owned Kazkah oil company KazMunaiGas.