Kashagan starts pumping at last: now for the hard part | beyondbrics

Kashagan starts pumping at last: now for the hard part | beyondbrics:

"

A big day for big oil and an even bigger one for Kazakhstan. After twelve years work and $49bn of investment, an international group led by Eni has finally turned on the tap at Kashagan, launching test production at the giant Caspian Sea field.

The Eni-led North Caspian Operating Company began test production at Kashagan on Wednesday, marking the end of more than a decade of delays and cost overruns at Kazakhstan’s flagship oil field.

Kashagan will initially produce 180,000 barrels a day with output rising progressively to 370,000 b/d of oil equivalent, Eni said in a statement.

With an estimated 35bn barrels of in place oil reserves, Kashagan is of major importance to global energy security and to Kazakhstan which has set a goal to enter the ranks of the world’s ten biggest oil exporters by 2018."

'via Blog this'