Exxon Mobil proposed an $80 billion joint investment to develop the western Kashagan oil field. The project involves a 50-50 joint venture with state-owned KazMunayGas. This expansion could increase production by 600,000 barrels of oil per day.
The investment depends on resolving legal disputes between the government and the Kashagan consortium. Kazakhstan seeks approximately $150 billion in international arbitration for lost revenue. The government also demands a separate $5 billion environmental fine.
KazMunayGas reportedly supports the investment plan. The proposal currently awaits final political approval.