Production from the giant Kashagan oil field in Kazakhstan is expected to average more than 150,000 barrels per day (Mbbl/d) in 2017 and 230 Mbbl/d in 2018, according to consultancy Wood Mackenzie.

Within 18 months of restart, it will already be Kazakhstan's second-largest oil producer after the Tengiz Field, it said.

"Kashagan full-cycle economics will remain negative, owing to the time passed since discovery in 2000 and the sheer scale of cost overruns," WoodMac said.

"However, despite the current oil price, the PSC [production-sharing contract] will soon generate material cash flow for key partners--Eni, Total, Shell and ExxonMobil--as they start to recover investment to date of about $55 billion."

The field started test pumping in September and its output is expected to reach about 75 Mbbl/d by late October.

The Kashagan consortium comprises China National Petroleum Corp., ExxonMobil Corp. (NYSE: XOM), Eni, Royal Dutch Shell Plc (NYSE: RDS.A), Total, Inpex and KazMunaiGas.