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07.07.2016 16:31
Chevron Approves USD 37 Bn Tengiz Oil Field Expansion in Kazakhstan
This represents the largest investment by private sector oil companies this decade
AUTHOR: publics.bg


  • © Chevron

Chevron has approved a USD 36.8bn expansion of the Tengiz oilfield in Kazakhstan. This represents the largest investment by private sector oil companies this decade, against a persisting trend for low oil prices and slashed or delayed upstream projects.

Tengizchevroil (TCO), a joint venture led by Chevron with 50% in partnership with KazMunaiGaz (20%), ExxonMobil (25%) and Lukoil (5%), has decided to proceed with the development of its Future Growth and Wellhead Pressure Management Project (FGP-WPMP), which will increase crude oil production at the Tengiz oil field in Kazakhstan by about 260,000 b/d, Enerdata reported.

2015 levels stood at almost 600,000 b/d.

The expansion is scheduled to deliver oil from 2022, the Financial Times reported.


TAGS: Chevron | investment | Kazakhstan | Tengiz | oil field | upstream | KazMunaiGaz | ExxonMobil | Lukoil | oil 


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