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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)