On November 15, 2013 the Kazakhstan government and Tengizchevroil signed the memorandum on mutual understanding, which defined the mutual obligations of the sides on the Tengizchevoil’s plans to increase production on the Tengiz field, reads the jolint statement of the Kazakhstan Ministry of Oil and Gas and Tengizchevroil.
The project envisages increase in production in Tengiz from 26 to 38 million tons of oil a year, reads the statement.
According to the statement signing of the memorandum on mutual understanding is a key event in the process, which leads to making a final investment decision by the Tengizchevroil partners.
The technology of a reverse injection of gas will be used in the future expansion project and at present it is applied to increase the production capacities by approximately 12 million tons of oil a year.
The sketch design of the project is coming to the end.
The Mayoralties of Atyrau and Mangistau districts and Tengizchevroil have signed the similar memorandums.
The Tengizchevroil partners include Chevron with 50%, KazMunaiGas – 20%, ExxonMobil Kazakhstan Ventures Inc – 25% and LUKArco – 5%.—0-
Economics
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