Kazakhstan approved project of expanding Tengizchevroil worth $23 billion

 Kazakhstan’s authorities have approved the project to expand the Tengiz field worth $23 billion, which envisages increase in production from 26 to 38 million tons of oil a year, said Kurmangazy Iskaziyev, deputy chairman of Board of KazMunaiGas JSC. 

“Central commission has recently approved the project of expansion of the field by recommendation of the Geology Committee,” he said at a press conference in Almaty.

He reminded that according to the project, production on the field will increase from 26 to 38 million tons of oil a year.

He said cost of the project, which is planned to be completed in mid-2018, will reach $23 billion, reported http://newskaz.ru.

* Tengiz field was discovered in 1979 and it is among the deepest and biggest oil fields in the world. In 1993 Kazakhstan government and Chevron corporation signed the agreement to create Tengizchevroil. At present Tengizchevroil partners are Chevron – 50%, KazMunaiGas – 20%, ExxonMobil – 25% and LukArco – 5%.—0—