ASTANA, Dec 25: Kazakh Energy Minister Sauat Mynbayev said on Tuesday his country was seeking a 16.8 per cent stake in the giant Kashagan oilfield, confirming earlier plans to get a stake equal to those of the projects’ largest participants.

The Central Asian state is seeking a cash payment and a stake increase as compensation for cost overruns and delay in the start of production at the world’s biggest oil find in the last 30 years.

“We hope to increase Kazakhstan’s stake to 16.8 per cent,” Munbayev told reporters.

Such a stake would equal those of four largest participants - Eni, Royal Dutch Shell, Exxon Mobil and Total after a pro-rata cut in favour of Kazakh state company KazMunaigas by all other consortium members. Each of the four has 18.52 per cent at the moment.

KazMunaiGas, which currently holds 8.33 per cent, has earlier said it was aiming for such redistribution. Two other participants in the project are ConocoPhillips with 9.26 per cent and Japan’s Inpex with 8.33 per cent.

Thai firm: Thailand’s PTT Exploration and Production PCL said in Bangkok on Tuesday it expected 2008 average petroleum sales volume of 223,334 barrels of oil equivalent per day.

PTTEP, which aimed for sales of about 188,000 barrels per day in 2007, expected sales to rise to 250,194 barrels of oil equivalent per day in 2009 and reach 278,299 barrels in 2011 before easing to 251,778 barrels in 2012, the company said in a statement.It has said 2007 sales may fall 4-5 per cent short of target as production at some fields was less than expected.

PTTEP, a subsidiary of top energy firm PTT PCL, also said it planned to invest 287 billion baht ($8.5 billion) between 2008 and 2012.

It planned to spend 81 billion baht in 2008, of which 59.8 billion baht would be for capital expenditure, it said.

Projects under development were in the Malaysia-Thai joint development area (JDA), Arthit and Arthit North in the Gulf of Thailand and Vietnam 9-2, the statement said.—Reuters