Chevron approves next major Tengiz expansion project in Kazakhstan

Chevron approves next major Tengiz expansion project in Kazakhstan

5:51 AM, 6th July 2016
Chevron approves next major Tengiz expansion project in Kazakhstan

SAN RAMON, US: Chevron Corporation said that its 50 percent owned affiliate, Tengizchevroil (TCO), will 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 barrels per day.

FGP-WPMP is currently estimated to cost $36.8 billion, which includes $27.1 billion for facilities, $3.5 billion for wells and $6.2 billion for contingency and escalation.

The project will raise TCO’s total production to approximately 1 million barrels of oil equivalent per day. WPMP maximizes the value of existing TCO facilities by extending the production plateau and keeping existing plants producing at full capacity. FGP will use state-of-the-art sour gas injection technology, successfully developed and proven during TCO’s previous expansion in 2008, to enhance oil recovery. First oil is planned for 2022.

"The FGP-WPMP represents an excellent opportunity for the company," said John Watson chairman and CEO, Chevron. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

"This project builds on the successes of prior expansions at Tengiz and is ready to move forward," said Jay Johnson, executive VP, upstream, Chevron. "It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services."

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Read the latest news from Chevron:

Chevron produces first gas from Chuandongbei project in China

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