Kazakhstan: Exxon stalling oil field deal says government

Astana, 24 Dec. (AKI) – The international consortium due to exploit the Kashagan field – believed to be the world’s biggest oil discovery in three decades – now has until 15 January to finalise the details of the deal, the Kazakhstan government announced.

Agreement has been reached with all the consortium members except American oil major Exxon on the terms under which the Kashagan field will be developed, Kazak energy minister Sauat Mynbayev said in a statement on Monday.



Kazakhstan has reportedly been seeking up to 7 billion dollars from the consortium for delays in the project, and has asked for its stake in the project to be increased.

We have agreed with everyone but Exxon”, Mynbayev told reporters.

Exxon said last week it was not against cutting its stake in favor of Kazakh state company KazMunaiGaz but had its own view on valuing the deal.

Mynbayev said Kazakhstan did not like Exxon’s offer.

“Such an approach bears risks for the project,” he said.

AKI