New Kazakh PM Calls For Tighter Controls Over Foreign Oil Companies - Rigzone

[hatrack]

Kazakhstan's new prime minister criticized foreign oil companies Thursday and ordered the government to tighten control over their activities in the energy-rich Central Asian nation, the government said.

Karim Masimov, who assumed office last week, accused unspecified foreign oil companies of "unsatisfactory" implementation of contracts, citing "extensions of the prospecting period, delays with the start of commercial extraction and raising costs," according to the government press office. Masimov told a meeting at the Energy Ministry that such practices were damaging Kazakhstan's economy.

Last year, Kazakhstan downgraded its long-term oil output forecast from 3 million to 2.6 million barrels a day by 2015 because of delays with development of Caspian Sea fields. The start of production at the giant Kashagan oil field is not expected before 2009-2010 because of technological difficulties. The international consortium let by Italy's Eni SpA had originally planned to start production in 2005.

The Kashagan field in northern Caspian Sea, the world's last biggest oil discovery in the past 30 years, is expected to play a crucial role in filling a new pipeline completed in 2005 and designed to carry Kazakh oil to energy-hungry China. (emphasis added)

EDIT

http://www.rigzone.com/news/article.asp?a_id=40242

[mod mom]

1. I wonder if they will need "democracy" brought to them.

[Missy M]

3. Yes, he will also be vilified as Chavez is.

[Canuckistanian]

2. See you around, Mr. Masimov....

Can you say "Dictator ousted in military coup"?