The most expensive oil project to be even more expensive

Oil prices continue to fall, renewing multi-year lows, but this is not the only problem. Several major oil companies have announced some more news that raises serious anxiety.

The oil field Kashagan is already the most expensive oil project in the world, but it will face a delay of several years and overdraft of money. The projected cost has already exceeded $50 billion, and by some estimates the cost is much higher, but now it may grow by another $4 billion, as a consortium of international oil companies has to replace two 55-mile branches of the pipeline. This factor stresses the growing complexity of the fact that large oil companies need to maintain their production level.

Kashagan was supposed to become a symbol of the oil production in Kazakhstan. The field is located in the Caspian Sea, and its reserves are about 13 billion barrels of oil. This is enough to meet the world's demand for five months. When it was discovered in 2000, it was the largest oil field, found in the past three decades. But the access to oil is another matter.