Last month, Tengizchevroil (TCO), owned by ExxonMobil (25%), Kazakhstan's state oil company Kazmunaigaz (20%), and LUKArco (5%), announced that it would discontinue a nascent USD 3.5 billion project, Kazakhstan's largest single source of revenue, accounting for 15% of the country's budget. This happened after the government and the companies couldn't agree on the reasonable rate of return.
At this time, the field in question produces 12 million tons of light crude a year, while its output was expected to reach 22 million tons a year after a three-year expansion. The cancellation of the huge project came at an awkward time for this country of 15 million citizens.
Agip KCO, the consortium working on the Kashagan field, has submitted to the government its plan to spend some USD 20 billion over 13 years to develop the offshore field. The government, which is not a partner in the Kashagan consortium, has to either accept or reject the development plan until the end of this year.
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