Vast Kazakh Oil Field Seen Taking Another Decade to Reach Target
- Kashagan won’t hit Eni’s 2017 output goal until 2020s: WoodMac
- OPEC heeds Eni’s forecast, raising its non-OPEC supply outlook
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Kazakhstan’s giant Kashagan oil field has taken 16 years and more than $50 billion to bring to the verge of production. It could take another decade to reach its potential, with initial output at half the forecast level.
Eni SpA, working with partners Royal Dutch Shell Plc, Total SA and the Kazakh state, expects Kashagan to start in October and pump 370,000 barrels a day within a year. Consulting firm Wood Mackenzie Ltd. contends the field will produce only about 154,000 barrels a day in 2017 and won’t get anywhere near targeted volumes until the next decade.