Kazakhstan Does not Exclude Rise in Price of Kashagan Project
Azerbaijan, Baku / corr. Trend I.Khalilova / On April 4th in Baku, Baktikoja Izmuhambetov, the Kazakh Energy Minister, stated that at the end of June or beginning of July, the Italian company ENI will submit several proposals to Kazakhstan under the Kashagan project. Delay in the commencement of oil production from this field is inevitable.
"It is linked with ensuring security of the work," Mr. Izmuhambetov added.
"The first oil production might begin in 2010-2011. The cost of the project might increase due to some additional work. So, the exact date can be sated in July after receiving definite proposals," the minister stressed.
ENI earlier reported the cost of the Kashagan project would comprise of $19 billion, which is almost 2 times more than the initial budget estimated to be $10 billion.