Live Updates > Live Update Details
2025-10-30 21:02:04
[450,000 Barrels → 1.5 Million Barrels! Kashagan "Underwater ATM" Resumes High-Stakes Gamble] ⑴ Sources revealed on Wednesday that Kazakhstan is negotiating with ExxonMobil over unexploited blocks in the giant Kashagan oil field, focusing on details of underwater expansion. ⑵ Institutional data shows that when the oil field was discovered in 2000, Eni estimated its ultimate daily production capacity at 1.5 million barrels, but due to repeated delays and uncontrolled costs, current production is only 450,000 barrels, less than 30% of its planned capacity. ⑶ Kazakhstan's Ministry of Energy publicly stated last week that it plans to increase Kashagan's daily production to 800,000 barrels by 2027. If ExxonMobil invests further and introduces underwater reinjection technology, the new capacity could add 350,000 barrels per day. ⑷ The outcome of the negotiations is uncertain, but the swap market has already reacted: the trading volume of Brent crude oil call spreads for December 2026 delivery surged by 40% in a single day, with funds betting on an unexpected increase in supply. (5) Trader psychology data shows that the Brent crude oil forward discount has narrowed sharply from $0.90 to $0.40 in the past week, indicating a rapid increase in market concerns about a supply surge once the "underwater mega-project" is implemented.
