Kashagan Group should cut 2010 Costs by $3 Billion - KazMunaiGas
KazMunaiGas said Friday it has proposed that the consortium developing Kazakhstan's largest oil field Kashagan, in which it is involved, should cut its costs by about $3 billion in 2010.
A company press release said the North Caspian Operating Co., which develops the giant Kashagan field in the Kazakhstani section of the Caspian Sea, had originally planned to spend about $10.4 billion this year. A spokesperson told Dow Jones Newswires that the planned expenditures were preliminary figures.
The consortium, which comprises France's Total SA, US-based ExxonMobil, ConocoPhillips, Royal Dutch Shell PLC , KazMunaiGas, Italy's Eni SpA (E), and Japan's Inpex, has spent $28 billion between 1997 and 2009, including $6.2 billion that was spent last year, KazMunaiGas said, according to the Wall Street Journal.