(Reuters) - Italy's Eni, which leads international firms developing the giant Kashagan oilfield, declined to comment on a report that costs might rise but said it was evaluating timing and investments in the Caspian Sea project.
UK newspaper The Business said on Sunday the costs of developing Kashagan were going to increase by $5 billion.
The newspaper also said Thierry Desmarest, chairman and chief executive of France's Total which works with Eni in the field, told analysts last week that the target for first production from the field had slipped from 2008 into 2009.
An Eni spokeswoman said the Italian group and its partners were currently evaluating the timetable and investments for the project and would make an announcement once that was completed.
"We are confident that the process will be concluded in December or in January," she said. "Therefore, we do not comment on media speculation."
Eni's partners in the project are ExxonMobil, Royal Dutch Shell, Total, ConocoPhillips and Kazakh state oil and gas firm KazMunaiGaz.