Kazakhstan Chamber of Commerce in the USA

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$30 billion expansion of oil production at Kazakhstan’s Tengiz field

Posted on January 19, 2016 by KazCham

Colibri Law Firm BI@colibrilaw.com

The Kazakh Minister for the Economy, Yerbolat Dosayev, said on Monday that the preliminary cost of the expansion of oil production at the Tengiz field (second stage), a project that would increase the recoverable amount of hydrocarbons to 38 million tonnes per year by 2021, is estimated at $30 billion.

“There is a direct assignment of the head of state to accelerate the process of project implementation. That’s why we start the project in the spring of next year,” Dosayev said.

The Kazakh Minister for Energy, Vladimir Shkolnik, had earlier reported that a decision on the project to expand oil production at Tengiz would be made before the end of 2015. He stated that the basic requirement for the expansion project is to reduce the cost of its implementation.

Currently, the project partners are Chevron (50%), KazMunayGas (20%), ExxonMobil (25%), and LukArco (5%).

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