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2015-11-05 19:05:00

KASHAGAN WILL RESTART

KASHAGAN WILL RESTART

Kazakhstan's vast Kashagan oil field, the world's biggest oil find in decades, is expected to restart production at the end of 2016, Exxon Mobil Production Vice President John Chaplin said.

The oil field is being developed by a consortium which includes KazMunaiGas, Exxon Mobil, Eni, Royal Dutch Shell, Total, China's CNPC and Japan's Inpex.

It began production in September 2013 but output was halted a few weeks later after leaks were detected in its pipes.

"Kashagan should start at the end of 2016," Chaplin, who is in charge of production in Europe and the Caspian Sea, told Reuters on the sidelines of an oil conference in Oslo.

"Of course, there are always uncertainties in replacing the pipelines," he said.

Chaplin also said that Norway should provide fiscal incentives for oil companies to continue producing at the end of an oil field's lifetime.

He also said the European refining sector remained a bright spot in the sector.

reuters.com

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Tags: KASHAGAN, KAZAKHSTAN, EXXON, OIL,

Chronicle:

KASHAGAN WILL RESTART
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

KASHAGAN WILL RESTART
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

KASHAGAN WILL RESTART
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

KASHAGAN WILL RESTART
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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