After over a year's delay,Kazakhstan and the North Caspian Production Sharing Group headed by Italy's Eni have agreed a development plan for Kashagan which will allow extraction of some 13-bil bbl of recoverable reserves at the giant offshore field to begin by 2008,rather than 2005 as earlier anticipated.Approval by the government of the development scheme immediately prompted the North Caspian PSA Group,otherwise known as Agip KCO,to take a final investment decision for the Kashagan project where full field development is expected to absorb some US29-bil.During the first of multiple phases,production will reach 75,000 b/d in 2008 and gradually increase to 450,000 b/d,Eni said in a statement Feb 25,adding that,at peak,Kashagan will yield 1.2-milb/d.
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