01 September 2013, 13:15

Total CEO says Kazakhstan's Kashagan to start output imminently

PARIS. September 1. KAZINFORM Total SA (FP) expects Kashagan, a Caspian Sea oilfield in Kazakhstan waters, will start output imminently, according to Chief Executive Officer Christophe de Margerie.

"We are very close," de Margerie said in an interview today at an employers' group meeting. "We had hoped it would happen already but we had a few little last-minute problems."

Kashagan, slated to produce as much as 370,000 barrels of oil a day, was due to start output by June, about eight years later than first planned and with costs nearing $46 billion, almost double early estimates. Exxon Mobil Corp., Royal Dutch Shell Plc, Eni SpA, Inpex Corp. and KazMunaiGaz also own stakes. Total is counting on the field to help meet production targets, Kazinform refers to Bloomberg.

The high-pressure reservoir with lethal levels of hydrogen sulfide 70 kilometers (44 miles) from shore, is one of the world's biggest finds of the past four decades. Total is also counting on fields in Angola, China and Gabon to boost output this year, Yves-Louis Darricarrere, head of exploration and production at the company, said in April.

"We are optimistic now" about the startup of Kashagan, de Margerie said outside Paris. "It's happening imminently."

 Tags: Business, companies , Oil & Gas
Did you find a mistake? Highlight it and click CTRL+ENTER

Read also

Beineu-Bozoi-Shymkent gas pipeline to supply Russian gas to China

ASTANA. KAZINFORM - "Beineu-Bozoi-Shymkent" gas pipeline will deliver Kazakhstan's, and in the future, Russian gas to China, this has been stated by Deputy Minister of National Economy Timur Zhaksylykov at Astana Economic Forum.

User name:
Enter code:*


Astana and Poland plan to expand cooperation in economic and cultural spheres
Russia to create new powerful plasma rocket engine
Snakebites kill at least 125,000 people every year: experts
Huawei sues Samsung over patents
Earthquake rocked in 432 km from Almaty
Oil prices edge towards $50 after U.S. crude stocks slump
Y. Shvedova advanced into 2nd round of Roland Garros
Kazakhstan’s refining output in QI 2016 reached 2.8 mln tons

ASTANA. KAZINFORM - In the first quarter of the current year Kazakhstan has processed 2.83 million tons of oil, said Minister of Energy of the Republic of Kazakhstan Kanat Bozumbayev during the reporting meeting to the public council of the fuel and energy complex and environment.

Commented articles