Tengizchevroil LLP (TCO) announced it had received approval from its partners on the final investment decision for the Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP), the next expansion of the Tengiz oil field in western Kazakhstan, said TCO.
FGP-WPMP is currently estimated to cost $36.8 billion, which includes contingency and escalation, said the message.
“First oil is planned for 2022”, said TCO.
FGP is expected to increase Tengiz crude oil production capacity by about 39 million tons per year or 850 thousand barrels per day, with peak rates exceeding 900 thousand barrels of crude oil per day, according to the message.
“While FGP will expand production, WPMP will keep the existing Tengiz plants at full capacity by lowering the flowing pressure at the wellhead and then boosting the pressure to the inlet requirements of the six existing processing trains”, said the message.
FGP-WPMP has completed about 52% of detailed engineering, according to the message, and is currently engaged in long-lead procurement and early construction works for key project infrastructure at site in Tengiz.
The shareholders of Tengizchevroil are KazMunaiGas national oil and gas company of Kazakhstan (20%), Chevron Overseas (50%), ExxonMobil (25%) and LukArco (5%). (Inform.kz/Business World Magazine)