No Oil From Kashagan This Year

Reuters via Rigzone is reporting:

French major Total said no oil production was to be expected from the troubled Kashagan project in Kazakhstan this year and it was not likely to yield much next year either.

"What is clear is that no production can be expected in 2014, and in 2015 ... it will be probably little," Yves-Louis Darricarrere, head of exploration and production, told a conference on Tuesday.

Production at the offshore deposit, the world's biggest oil find in 35 years, started in September but was halted in early October after the detection of gas leaks in the $50 billion project's pipeline network.

The Bakken, Eagle Ford, and the Permian look better and better every day. EOG has a huge play in each of these plays and surged today, perhaps on news that the Kashagan will not produce anything this year. Likewise, Libya is having its problem. Iraqi exports are up, but not exactly the most stable exporter in the world. Russia? "Who knows?" he asked rhetorically.