Middle East Economic Survey

VOL. LIII

No 44

1-Nov-2010

CASPIAN

Shell Reduces Kashagan Phase 2 Cost Estimate By $18Bn

Shell has reduced the cost estimate for Kashagan Phase 2 development by $18bn or just over 26% to $50bn, the UKs Daily Telegraph reported on 25 October. Shell, which will replace ENI as the operator of the North Caspian Operating Company (NCOC) after Phase 1 is completed in December 2013, has cut the budget in an attempt to speed implementation. On 12 August, Kazakh state firm...