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Total says no Kashagan output expected this year

TARA PATEL

PARIS (Bloomberg) -- Kashagan, Kazakhstan’s largest oilfield that’s been halted following a leak, will probably go without any output this year and may yield a small quantity next year, said Total SA, which owns a portion of the venture.

“No production can be expected in 2014,” Total’s Upstream President Yves-Louis Darricarrere told a CIS Oil & Gas conference in Paris. An investigation into the cause of the leak is nearing completion and there may be a “little” production in 2015, he said.

Kashagan, which began operations in September after several delays since 2005, was producing about 60,000 bopd before the leak on Oct. 9. The project involved drilling from a man-made island to unlock crude 4.2 km (2.6 mi) under the seabed in a pressurized reservoir with a high concentration of poisonous sour gas.

Total, Exxon Mobil Corp., Royal Dutch Shell Plc and Eni SpA each hold 16.81% in the project. Japan’s Inpex Corp. owns 7.56%, while state-owned KazMunaiGaz National Co. has retained 16.88%. China National Petroleum Corp. bought an 8.33% stake in September.

The probe into the Kashagan leak depends on inspection of offshore installations that has to wait until ice melts on the Caspian Sea, Arnaud Breuillac, Total’s head of exploration and production, said April 11. The investigation could enable stakeholders to gauge the problem and the time needed to fix it.

Kazakhstan is seeking to increase oil output from existing fields to make up for Kashagan, a government minister has said. The International Energy Agency said in a monthly report published April 11 it doesn’t expect Kashagan to start output until the second quarter of next year at the earliest.

04/22/2014

 

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