Kashagan project approved

Exxon Mobil Corporation has confirmed that Kazmunaygaz (KMG), the petroleum authority for Kazakhstan, and the Consortium companies of the North Caspian Production Sharing Agreement, ExxonMobil Kazakhstan Inc., Agip Caspian Sea BV, British Gas, Shell Kazakhstan Development BV, Total, ConocoPhillips and Inpex, have announced approval of the development plan for the Kashagan oilfield. Production start-up of the Kashagan field is expected in 2008 with an initial output of 75,000 barrels of oil per day, ramping up to 450,000 barrels of oil per day. Further development phases will raise the full field production to its plateau level currently estimated at 1.2 million barrels of oil per day.

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