Kazakhstan, Astana, Aug. 16 / Trend S.Suleymanov /
Kazakhstan needs to find "reasonable funds" to develop the Kashagan Field, Kazakh Oil and Gas Minister Sauat Mynbayev said today.
"We have postponed the second phase of the field's development as we need reasonable funds," Mynbayev said.
He did not name the exact amount.
Mynbayev added that the construction of the Kazakhstan Caspian Transport System (CCST) has bee planned parallel to the second phase of the Kashagan Field.
KazMunayGas (KMG) head Kairgeldi Kabildin said earlier that only the field's second phase of development can provide sufficient volumes for CCST. The second phase is set to launch in 2018.
"We are actively negotiating with the State Oil Company of the Azerbaijan Republic about the CCST project," Mynbayev said. "Feasibility studies are underway."
The second phase has been delayed on several occasions. A consortium of foreign companies led by the Italian Eni originally promised to start commercial production in 2008. The date was later postponed to 2011.
KazMunaiGas will invest $8 billion in Kashagan by 2014.
The major participants in Kashagan are Eni, Royal Dutch Shell, Exxon Mobil and Total, who each own 18.5-percent stakes. ConocoPhillips owns 9.3 percent and Japan's Inpex owns 8.3 percent.