Eni Sees Kashagan Output Recovering to Expected Level From 2015

Date : 02/13/2014 @ 3:46AM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 80.12  -0.74 (-0.92%) @ 7:59PM

Eni Sees Kashagan Output Recovering to Expected Level From 2015

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By Liam Moloney

ROME--Eni SpA, Italy's biggest energy company by market value, Thursday said it expected the giant Kashagan field in Kazakhstan to recover production to the original expected level from 2015.

The field's contribution to Eni's production for 2014 has been assumed to be marginal, the company said in a statement accompanying fourth-quarter results.

Recovery activities are ongoing at Kashagan, it added.

Output at Kashagan, which is one of the biggest oil finds in decades, was suspended in October at about 65,000 barrels of oil a day, only a few weeks after starting, after a series of natural gas leaks. No timing of its recommencement has been given.

The consortium developing Kashagan, which includes Eni, Total SA, Royal Dutch Shell PLC and Exxon Mobil Corp., had said it planned to increase production to 370,000 barrels of oil a day in 2015.

Write to Liam Moloney at liam.moloney@wsj.com

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