Kazakh Energy Projects in Crisis as Majors Eye Exit

摘要

A deteriorating investment climate is taking its toil on Kazakhstan's oil and gas industry. Two of the country's biggest oil and gas projects, the offshore Kashagan field and the onshore Karachaganak field, are in disarray, with expansion phases held up by disagreements over escalating costs and missed targets, and consortium members said to be eyeing the exit door. Kazakhstan's dreams of joining the club of the world's 10 largest oil producers by raising production to 3 million barrels per day by 2015 from 1.6 million b/d last year have been put on hold.