Advertisement
UK markets closed

  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     

  • FTSE 250

    20,645.38
    +114.08 (+0.56%)
     

  • AIM

    789.87
    +6.17 (+0.79%)
     

  • GBP/EUR

    1.1622
    +0.0011 (+0.09%)
     

  • GBP/USD

    1.2525
    +0.0001 (+0.01%)
     

  • Bitcoin GBP

    48,589.92
    -1,657.94 (-3.30%)
     

  • CMC Crypto 200

    1,260.86
    -97.15 (-7.15%)
     

  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     

  • DOW

    39,512.84
    +125.08 (+0.32%)
     

  • CRUDE OIL

    78.20
    -1.06 (-1.34%)
     

  • GOLD FUTURES

    2,366.90
    +26.60 (+1.14%)
     

  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     

  • HANG SENG

    18,963.68
    +425.87 (+2.30%)
     

  • DAX

    18,772.85
    +86.25 (+0.46%)
     

  • CAC 40

    8,219.14
    +31.49 (+0.38%)
     
MONEY:

Best savings accounts that offer above inflation rates

How to earn the most interest on your savings

Kazakhstan's Kashagan oil project to restart production June 2017 -CNPC

Reuters - UK Focus

(Adds background and consortium official's comment)

MOSCOW, April 21 (Reuters) - Kazakhstan's Kashagan oil project is likely to return to production in June 2017, an executive of one of the field's consortium members told reporters at an energy conference in Moscow on Thursday.

The comments by Wang Zhongcai, first vice-president of China National Petroleum Corp, suggest that Kashagan will miss the December 2016 target indicated by the Kazakhstan economy ministry late last year.

However, an official at the NCOC consortium developing the field said on Thursday that plans to restart production by the end of the year remain unchanged.

ADVERTISEMENT

After huge delays and cost overrruns, Kashagan finally began producing oil in September 2013 but halted production a few weeks later after gas leaks were detected in its pipelines.

Oil is the main export of Kazakhstan, the biggest ex-Soviet oil producer behind Russia, though the drop in global oil prices has threatened the viability of some of its mature fields.

The NCOC consortium also includes KazMunaiGas, Exxon Mobil (Swiss: XOM.SW - news) , Eni (LSE: 0N9S.L - news) , Royal Dutch Shell (Xetra: A0ET6Q - news) , Total (Euronext: FP.NX - news) and Japan's Inpex. (Reporting by Olesya Astakhova; Writing by Maria Tsvetkova; Editing by Vladimir Soldatkin and David Goodman)