LONDON, Nov. 27 (UPI) -- Kazakhstan's Kashagan field will produce 25 percent more oil than expected, the Financial Times reported Monday.
The newspaper reported that peak production at the field, due at the end of the next decade, is expected to be 1.5 million barrels per day, 25 percent more than previous estimates. Italy's ENI, the field's operator, is expected to pump1.5 million bpd for more than 10 years, the newspaper said. In other words, Kashagan will yield 10 percent more reserves than assumed.
The field was expected to start production in 2005, but there have been setbacks and ENI is expected to announce more delays, the newspaper said, adding production was not likely to start before 2009.
The price tag for the field is expected to be in the mid-$30 billion range.
