CASPIAN

 

Kashagan Phase 1 Cost Estimate Raised 20%

French business daily Les Echos reported on 29 May that the overall cost for the development of Kazakhstan’s Kashagan Phase 1, which is expected to produce 370,000-450,000 b/d by 2016-17, will be in excess of $48bn, an increase of 20% compared to initial estimates. The newspaper cited an unnamed source in the Kashagan consortium, who attributed the cost increase to “inflation, unfavorable foreign...