KMG and North Caspian Operating Company to cut expenditures for Kashagan development
16:30, 2 July 2009
ASTANA. July 2. KAZINFORM KazMunaiGaz NC JSC and participants of Kashagan Consortium come forward with an initiative to cut expenditures for the development of Kashagan deposit, the press service of KMG informs.
The global economic crisis has significantly impacted the world market which in its turn will be reflected on the obligations of the project's participants. Therefore necessary efforts will be made for bringing the agreements in compliance with new terms, a press release reads. These obligations will be taken into consideration during further negotiations and discussions.
It is expected that these decisions will let Kazakhstan and the participants of Kashagan Consortium lower the project expenditures observing the approved phases of development and time frames of oil production at the deposit.