China buys into giant Kazakh oilfield for $5 bn

Comments 0
An aerial view shows artificial islands on Kashagan offshore oil field in the Caspian sea, western Kazakhstan. (Reuters) An aerial view shows artificial islands on Kashagan offshore oil field in the Caspian sea, western Kazakhstan. (Reuters)
SummaryThe deal futher increases China's rising clout in Central Asia, once Russia's imperial backyard.

have said they expect the giant reservoir off western Kazakhstan to produce first oil later this month.

A multinational consortium developing the field has invested some $50 billion in about 13 years, making it the costliest oil project in the world.

During Kashagan's development, production will be gradually increased to 370,000 barrels per day in the second stage from 180,000 bpd in the first stage in 2013-14, according to North Caspian Operating Company (NCOC), which is developing the field.

Italy's ENI, US major ExxonMobil, Royal Dutch Shell and France's Total currently all hold 16.81 per cent stakes in Kashagan. Japan's Inpex owns 7.56 per cent.

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...