Expansion project at Tengiz is 89% complete

Views: 535

The future expansion project at the Tengiz field was 89% completed by the end of 2021. Kevin Lyon, General Director of Tengizchevroil, stated at a press conference in Almaty.

He said that in 2021, TCO produced 26.6 million tons of crude oil. “We are not going to adjust our oil production plans for 2022,” explained Kevin Lyon.

Earlier, TCO reported that this year they plan to produce 28.7 million tons of crude oil.

“We expect that after completion of the expansion project, oil production will reach 39 million tons per year, which is about 40% of crude oil production in Kazakhstan,” said Kevin Lyon.

The total proven reserves of the Tengiz reservoir are 3.2 billion tons or 25.5 billion barrels, and 200 million tons or 1.6 billion barrels in the Korolev field. The recoverable oil reserves of the Tengiz and Korolev fields range from 890 million to 1.37 billion tons, or 7.1-10.9 billion barrels.

Founded in 1993 by Kazakhstan and Chevron Corporation, Tengizchevroil is engaged in the production and marketing of crude oil, gas and sulfur.

TCO’s partners at the moment are Chevron Corporation – 50%, KazMunayGas – 20%, ExxonMobil – 25% and LukArco – 5%. 

Caspian Barrel