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Hemscott / AFX News: Eni declines comment on Kazakhstan threat to revise Kashagan oil feld deal

30 July 2007 

MILAN (Thomson Financial) – Eni SpA declined to comment on remarks by Kazakhstan’s prime minister Karim Masimov about the possible revision of the Italian oil and gas group’s contract to develop the giant Kashagan oil field in the Caspian Sea.

‘We do not make comments on the (prime) minister’s remarks,’ a spokesperson for the Italian oil and gas group said.

Cited by Interfax, Masimov said that, as Eni has said it will postpone production until 2010, ‘we are reviewing how to change the entire contract’.

‘Our action will be adequate … a contract must be respected by both sides.’

Eni last week told the Kazakh government it would delay the production launch to 2010 from 2008. The field was initially due to come on stream in 2005.

Eni is the operator of Kashagan with an about 19 pct stake. Other western stakeholders include Total SA, Shell and ExxonMobil with 18.52 pct each. ConocoPhillips holds 9.26 pct.

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Copyright AFX News Limited 2007

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