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2016-10-14 18:30:00

THE FIRST KASHAGAN'S OIL

THE FIRST KASHAGAN'S OIL

BLOOMBERG wrote, Kashagan, a vast oil field in the Caspian Sea, sent its first crude for export, after about 16 years in development and more than $50 billion of investments.
The venture loaded 26,500 metric tons of crude for export into the country's pipelines, Kazakhstan's Energy Ministry said in an e-mailed statement. Of that, 7,700 tons was sent to the Caspian Pipeline Consortium. Reaching stable production will take "some time" as commissioning work continues both offshore and onshore, the ministry said.

The project has been plagued by multiple delays and cost overruns. A 2008 budget estimate of $38 billion jumped to $53 billion by the end of last year as the partners replaced undersea links after sour gas cracked the pipes. The crude from Kashagan is reaching an already saturated market, with prices at less than half the level of 2013 when the project hit a setback. Expectations for the field's exports even prompted OPEC to flip supply predictions for next year.

Eni SpA, the initial operator of the project, has said Kashagan will pump 370,000 barrels a day within a year. Some commentators have suggested that's optimistic, with U.K. consulting firm Wood Mackenzie Ltd. forecasting only about 154,000 barrels a day from the field in 2017.
Pipe Defects
Development of the offshore deposit, initially due to come on stream more than a decade ago, was prolonged by the need to build remote islands to support drilling equipment. Although production finally got going in September 2013, it was halted just weeks later because of the pipe defects.

The global oil glut has seen crude prices sink to half their 2014 levels. Non-OPEC supply will grow by 240,000 barrels a day next year, the Organization of Petroleum Exporting Countries said Oct. 12. A month earlier it predicted a 200,000-barrel gain, and a month before that, a decline.
The ownership of the discovery has shifted over the years. Kazakhstan raised its stake to 16.88 percent; Eni, Total SA, Royal Dutch Shell Plc and Exxon Mobil Corp. each own hold 16.81 percent. China National Petroleum Corp. joined with an 8.33 percent interest and Japan's Inpex Corp. has 7.56 percent.

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Earlier: 

ЦЕНА КАЗАХСКОЙ НЕФТИ: $35 

CASPIAN OIL UP 

OIL COULD BE UNECONOMIC 

KASHAGAN: I'LL BE BACK 

KASHAGAN WILL RELAUNCH

 

 

Tags: KASHAGAN, OIL, KAZAKHSTAN

Chronicle:

THE FIRST KASHAGAN'S OIL
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

THE FIRST KASHAGAN'S OIL
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

THE FIRST KASHAGAN'S OIL
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

THE FIRST KASHAGAN'S OIL
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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