Exxon Mobil confirm that Kazmunaygaz (KMG), the petroleum authority for the Republic of Kazakhstan, and the Consortium companies of the North Caspian Production Sharing Agreement, ExxonMobil Kazakhstan Inc.(16.67 percent), Agip Caspian Sea B.V (16.67 percent), British Gas (16.67 percent), Shell Kazakhstan Development BV (16.67 percent), Total (16.67 percent), ConocoPhillips (8.33 percent) and Inpex (8.33 percent) have announced approval of the development plan for the world-class Kashagan oil field.

Production startup of the Kashagan field is expected in 2008 with an initial output of 75,000 barrels of oil per day, ramping up to 450,000 barrels of oil per day. Further development phases will raise the full field production to its plateau level currently estimated at 1.2 million barrels of oil per day. The capital investment for full field development is currently estimated at about $30 billion, with projected ultimate production of up to 13 billion barrels of oil.

Approval of the plan was critical, given the size of the partners' investment to develop the giant Kashagan oil field, one of the largest discoveries in the past 30 years. The plan addresses the field's relative remoteness, lack of established infrastructure and unique technical challenges.