One of the world’s largest oil projects could soon come online, bringing a rush of new supply that could delay the oil market balance. The Kashagan oilfield is years behind schedule, but the massive project could soon begin operations. Located it the Caspian Sea in Kazakhstan, the oil field was supposed to come online a decade ago, but the uniquely complex project has bedeviled its owners – Eni, Exxon, Shell, Total and the Kazakh government. The field has a price tag north of $50 billion, raising questions about how and if the companies will ever be paid back. First things first – the operators must bring the field into operation. In October, that objective could finally be realized. The companies estimate that Kashagan could result in 370,000 barrels per day coming online within the next year, which, if true, could delay the balancing of the global oil market. The […]