Exxon, Shell Said Seeking Control of $46 Billion Kashagan

Exxon Mobil Corp. and Royal Dutch Shell Plc are seeking bigger stakes and operating control in the Kashagan oil field before starting to expand the $46 billion project, according to two people with knowledge of the matter.

Exxon and Shell have warned they may quit the project unless they gain more control in the venture and Kazakhstan’s government agrees to extend the production-sharing contract for 20 years, the people said, declining to be identified as the talks are confidential.