Consortium To Significantly Cut Costs At Kashagan Oil Fld -KMG
02 July 2009 - 8:29PM
Dow Jones News
The consortium of international oil majors have decided to
significantly cut costs to develop the Kashagan oil field in the
Caspian Sea, Kazakh state oil and gas company KazMunaiGas said
Thursday.
"The global economic crisis has had a substantial impact on the
global market which will affect the (Kashagan) project
participants' obligations," KazMunaiGas, or KMG, said in a
statement.
"This decision is expected to significantly cut project
expenditures for Kazakhstan and the Kashagan consortium members
while abiding by a development timeframe and deadline for the start
of production at the (Kashagan) oil field."
Company Web site: www.kmg.kz
-By Kadyr Toktogulov, Dow Jones Newswires; +7 701 726 4327,
kadyr.toktogulov@dowjones.com