ROME (Dow Jones)--The Eni SpA (E)-led consortium developing the Kashagan field is expected to reach an accord settling the dispute over delays and the build-up of costs with the Kazakh government in the coming days, Italian daily MF reported Tuesday, without citing sources.
The deal centers on Eni keeping the lead operator position, the Kazakh government receiving compensation worth about $3.5 billion and state-owned KazMunaiGas almost doubling its stake to just over 16% in the consortium, the financial newspaper wrote.
The other members of the group, which include Total SA (TOT), ExxonMobil Corp. (XOM), Royal Dutch Shell PLC (RDSB.LN), ConocoPhillips (COP) and Inpex Holdings Inc.(10605.TO.), will reduce part of their stake to allow Kazakhstan's KazMunaiGas to up its 8.3% holding in the consortium developing the Kashagan project.