Kazakhstan re-launches largest oil field

Kazakhstan President Nursultan Nazarbayev announced the re-launch of the largest oil and gas field discovered in the last 40 years in the world – Kashagan.

Nazarbayev said: «This project is enormous in its scale and also requiring large funding».

Italy, France, the USA, Great Britain, the Netherlands, China and Japan (their share in order of their magnitude) also participate in the development of the largest offshore field. Morever, Kazakhstan and Italy have almost equal shares- 16.877% and 16.807% respectively.

This project was launched in 2013, but almost immediately was stopped due to some leaking pipes. At the moment, 100-120 thousand of barrels per day are being extracting from Kashagan. However, significantly increasing the production is also planned. According to some analysts, thanks to this oil field Kazakhstan is going to enter into the top of five oil-producing countries, displacing Canada.