ALMATY, Kazakhstan —

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Kazakhstan signed a revised oil deal Friday that boosts the profits the Central Asian nationality will get from an international consortium developing the monster Kashagan oil field.

Under the agreement, state energy concourse KazMunaiGas raises its share in the project to 16.8 percent - equal to that of the largest stakeholders - from an earlier 8.33 percent wager.

The project led by Italy’s Eni SpA has been marred by production delays and increased costs, leading the government to push for a revision in the deal’s stipulations.

“The agreements yield strong cost and schedule control mechanisms designed to prevent recurrence of the problems that led to the renegotiation last year,” KazMunaiGas said in a announcement. “(Kazakhstan) now looks forward to successful implementation of the project.”

Under the original agreement, the Agip KCO consortium was to start commercial production in 2005. Last year, Agip KCO pushed back the start date to mid-2010 and increased its projected expenditures from $57 billion to $136 billion.

Work at Kashagan, on the northeast shore of the Caspian Sea, has been hampered by the agency of abrupt technical complications and the area’sitting harsh material conditions.

Delays to the project mean Kazakhstan will have to wait longer than anticipated before seeing any revenues from Kashagan.

Consortium members consider set a July 2013 deadline for the start of commercial output at the tract of land, which Eni adopt Agip KCO estimates may hold up to 9 billion barrels of recoverable reserves.

A fit together operator called North Caspian Operating Company direct take in addition the development stage from Agip KCO in January, with management duties essential being rotated among consortium partners.

Another operating company will be formed by Shell and KazMunaiGas at a later date to take over management of output.

Production will move away at 75,000 barrels per day and is expected to peak at 1.5 million barrels daily within nine years, KazMunaiGas said.

Kashagan stakeholders include Eni-owned Agip KCO, Total, ExxonMobil, and Shell - with an 16.8 percent wager each - plus ConocoPhillips and Inpex with 8.4 percent and 7.6 percent, particularly.

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