Lunedì, 24 Settembre 2018
ROME

ENI starts pumping from huge Kazakh oil field

English
© ANSA

(By Emily Backus)

Rome, September 11 - Crude oil production has begun
in the massive Kashagan oil field in Kazakhstan, located in the
northern Caspian Sea, Italian gas and oil company ENI announced
on Wednesday.
Kashagan is one of the largest oil fields discovered over
the past 40 years, with estimated reserves of about 35 billion
barrels of oil in place.
Discovered in 2000 and originally scheduled to be active by
2008, the project's original operator was ENI's Agip KCO, but
the project suffered a series of delays, forced cost increases
and friction with local authorities.
In October 2008, the Kazakh government came to an agreement
with consortium companies to form the North Caspian Oil Company
(NCOC), which took over the operator role from Agip KCO.
The co-venturers in the original consortium were made
shareholders in NCOC, each holding the same participating
interest held in the preceding project agreement.
However, Royal Dutch Shell took control of second-phase
development planning from ENI at the start of 2009, according to
a 2010 article on Energy-pedia News.
Shell radically simplified second-phase design, slashing
$18 billion from the estimated cost, reducing it from $68
billion to $50 billion, the energy website said.
ENI, ExxonMobil, Shell, Total and KazMunaiGas each have a
16.81% stake in the project.
Inpex owns 7.56%, while ConocoPhillips held a 8.4% stake
until earlier this year, when the Kazakh government exercised
preemptive rights to acquire it.
The Chinese CNPC then bought a 8.33% stake from the
government in a deal valued at about five billion euros,
according to press reports.
Production is set to ramp up to 180,000 barrels per day
(bpd) in the first phase, and 370,000 bpd in the second, a
statement from ENI said.
"Considering the dimensions as well as technical,
environmental and logistical characteristics, Kashagan
represents one of the most complex and challenging industrial
projects carried out in the world," said a statement.
In 2010, production capacity was projected to be 450,000
bpd in the first phase and one million bpd in the second,
Energy-pedia reported.

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