The first phase of the development of the Kashagan oil field in the Caspian Sea offshore Kazakhstan is expected to now cost $48 billion--20% more than originally estimated, due to inflation and unfavorable foreign exchange rates as well as the technical complexity of the whole project, French business daily Les Echos reports Tuesday, citing unspecified sources.
The first phase of the development of the Kashagan oil field in the
Caspian Sea offshore Kazakhstan is expected to now cost $48 billion--20% more
than originally estimated, due to inflation and unfavorable foreign exchange
rates as well as the technical complexity of the whole project, French business
daily Les Echos reports Tuesday, citing unspecified sources.
The whole project's cost was estimated at around $136 billion in 2007.
Monday, the Kazakh government said the costs were higher than expected but
didn't give any details. It only said the project's foreign partners--Total SA
(TOT), Exxon Mobil Corp. (XOM), ENI SpA (ENI.MI), Royal Dutch Shell PLC (RDSA),
ConocoPhilips (COP) and Inpex Corp (1605.TO)--would bear the extra costs
amounting to $1 billion over 2012 and 2013 that should have been supported by
KazMunaiGas EP JSC (RDGZ.KX), the Kazakh state-owned oil company, Les Echos
said.
Negotiations between the oil companies over the second phase of the project
have started and should finish by the end of the summer with the aim of
increasing the expected daily output, Les Echos also reports.
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