Kazakh energy minister Sauat Mynbayev said yesterday his country was seeking a 16.8 per cent stake in the giant Kashagan oilfield, confirming earlier plans to get a stake equal to those of the project's largest participants.
The Central Asian state is seeking a cash payment and a stake increase as compensation for cost overruns and delay in the start of production at the world's biggest oil find in the last 30 years.
"We hope to increase Kazakhstan's stake to 16.8 per cent," Munbayev told reporters.
Such a stake would equal those of four largest participants - ENI, Royal Dutch Shell, ExxonMobil and Total after a pro-rata cut in favour of Kazakh state-owned company KazMunaigas by all other consortium members. Each of the four has 18.52 per cent stake in the project at the moment. KazMunaiGas, which currently holds 8.33 percent, has earlier said it was aiming for such redistribution.
Two other participants in the project are Conoco-Phillips with 9.26 per cent and Japan's Inpex with 8.33 per cent.
Mynbayev also confirmed Exxon was the only company opposing the scheme. Exxon has said it was not against cutting its stake, but the sides had yet to agree on its value.
Negotiations are set to continue until January 15.
"We know what price we are offering and what price they [foreign companies] would agree to," Mynbayev said.