Bloomberg reports on this. Exxon plans to invest billions of dollars in a new oil project at the Kashagan field—a move that would help mitigate the decline in production at Tengiz, the country’s largest oil field. According to an excerpt from a presentation submitted to authorities in Astana, which Bloomberg reviewed, production at Tengiz will reach its plateau next year, after which it will decline to approximately 500,000 barrels per day by 2035. This represents a 60% drop from peak production.
As previously reported by Bloomberg, Exxon has told Kazakhstan that a potential $80 billion joint investment in the expansion of the Kashagan field depends on the resolution of a long-standing $150 billion dispute between the government and international oil companies, as well as a $5 billion fine for environmental damage.
As previously reported by Bloomberg, Exxon told Kazakhstan that potential joint investments totaling $80 billion in the expansion of Kashagan depend on the resolution of a long-standing dispute between the government and international oil companies over $150 billion, as well as a $5 billion fine for environmental damage.
