Kazakhstan’s largest oil producer Tengizchevroil (TCO) plans to produce first oil at Tengiz oilfield in 2022. Investments into the project expansion will amount to $36.8 billion, TCO said.
The decision was made to finance the next phase of expanding production facilities of the Tengiz oilfield, the company reported. It will comprise the future expansion project and the wellhead pressure control project. The crude gas injection technology anticipated for use in the future expansion project is reported to increase oil production on the field by 12 million tons a year to 39 million tons.
The JV Tengizchevroil is owned by Chevron (50%), ExxonMobil (25%), Kazakhstan’s Kazmunaigas (20%) and Russian Lucarco (5%). TCO produced 27.2 million tons of oil in 2015 and 7.4 million tons in the first quarter of 2016. (TASS/Business World Magazine)