Discovered in July 2000 the Kashagan oilfield is one of the most important oil finds in recent times. It is estimated to hold 38 billion barrels of oil, with a potential recoverable reserve of 16 billion barrels. At peak production, it is expected to produce 1.5 million barrels of oil per day, and will eventually double Kazakhstan’s oil output to 3 million barrels per day – equal to 4% of current world production. The field is being developed by a group of partners including Shell, Exxon Mobil, Total, ConocoPhillips, Kazakh state-run oil company KazMunaiGas, INPEX and AgipKCO (Eni).