Chevron Affiliate Moves on $37B Tengiz Expansion Project in Kazakhstan

Chevron Affiliate Approves Tengiz Expansion Project in Kazakhstan
Chevron Corporation's 50% owned affiliate, TCO, approves a major expansion project at the Tengiz oil field.

Chevron Corporation announced Tuesday that its 50 percent owned affiliate, Tengizchevroil (TCO), has approved a major expansion project at the Tengiz oil field in Kazakhstan that will increase crude oil production at the site by about 260,000 barrels per day.

The Future Growth and Wellhead Pressure Management Project (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 Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company,” said Chevron Chairman and Chief Executive Officer John Watson in a company statement.

“The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders,” he added. 

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 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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japanís NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  NOPSEMA Seeks More Details on BP's Gre... (Sep 29)
 -  WFS Appoints IMEC as Agent in Malaysia... (Sep 29)
 -  Oil Industry Teams Up to Fight Cyber-C... (Sep 29)


Most Popular Articles

From the Career Center
Jobs that may interest you
Wastewater Operator
Expertise: Production Operator
Location: San Marcos, TX
 
United States Williston: Entry Level Operator Assistant I - Logging and Per
Expertise: Production Operator
Location: Williston, ND
 
United States Elmendorf: Operator Assistant II - Coiled Tubing
Expertise: Production Operator
Location: Elmendorf, TX
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours