Kashagan oil field produces 1.7M barrels in first full month of operation

Seeking Alpha

Published Nov 15, 2016 10:58AM ET

Kashagan oil field produces 1.7M barrels in first full month of operation

  • Kazakhstan's Kashagan oil field produced ~201K tons of oil, or nearly 1.7M barrels, in October, its first full month of operation, finally showing some results after multi-year delays and $55B spent in development.
  • The October output figure is the equivalent of 52.6K bbl/day, while Kazakh officials have said that in order to reach commercial output the field needs to achieve stable production of at least 75K bbl/day.
  • The consortium developing Kashagan consists of China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
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