Kazakhstan is in talks with ExxonMobil Corp. to develop an untapped portion of the Kashagan oil field, Bloomberg reported, citing sources familiar with the matter. Currently, production is underway only in the eastern part of Kashagan, while the western sections and nearby fields remain undeveloped.
According to Bloomberg’s sources, who requested anonymity, the discussions also cover other issues, including renewal of the license to develop the Tengiz field — which expires in 2033 — where ExxonMobil is also a partner. Kazakhstan is reportedly seeking to increase its stake in the project in exchange for a contract extension.