Kazakhstan seeks to double its stake in Kashagan project
Kazakhstan is seeking to double its stake to 16.8% in the Kashagan oilfield through its oil and gas subsidiary KazMunaiGaz in a bid to match the stakes of the project’s largest equity holders.
The Kazakh government wants to be compensated for the cost overruns and delays in the form of an increased stake in the project which is now estimated to be projected at around $136 billion, according to a report by Bloomberg. ExxonMobil, which owns an 18.5% stake in the project, has opposed any increase in KazMunaiGaz’s stake from its 8.3%. Eni is the operator of the Kashagan field and holds an 18.5% stake in the project. ExxonMobil, Total and Royal Dutch Shell each hold 18.5% of the field, while ConocoPhillips has a 9.3% stake and Japan’s Inpex owns 8.3%. (energy-business-review)
ADVERTISEMENT
Varga Augurs Return to Growth in H2 2023
Gov't Extends Deposit Rate Cap Till Year-end
Scope Changes Outlook on Magyar Telekom Rating to Positive
Esztergom Guest Nights up 15% in July
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
