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Expanding oil production at Kazakhstan's Tengiz field estimated at $30 bln — ministry

One of the world's largest oil fields Tengiz was opened in 1979

© ITAR-TASS/Anatoly Ustinenko

ASTANA, December 28. /TASS/. The preliminary cost of the project for expansion of oil production at the Tengiz field (second stage) that would result in the recoverable amount of hydrocarbons increasing to 38 mln tonnes per year by 2021 is estimated at $30 bln, the Minister of national economy of Kazakhstan Yerbolat Dosayev said Monday.

Read also

Forecasted oil production in Kazakhstan for 2015 down 1.5 mln tonnes to 79 mln tonnes

"The project of the future development of the Tengizchevroil (international consortium of leading development companies of the field - TASS) envusages a huge amount of direct investments. The preliminary cost is almost $30 bln," he said.

"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.

Earlier, Kazakhstan Energy Minister Vladimir Shkolnik reported that the decision on the expansion project of oil production at Tengiz would be made before the end of this year. According to him, the basic requirement of the republic to the expansion project is to reduce the cost of its implementation. The estimated amount of investment in the project submitted to the government of the republic amounted to $23 bln. At the same time as a possible date of commissioning of new facilities, bringing the volume of oil production at the field will increase to 38 mln tonnes per year, was considered in 2021. This year it was expected to produce 26.7 mln tonnes of oil.

One of the world's largest oil fields Tengiz was opened in 1979, and in 1993 on the basis of the agreement signed between the government of Kazakhstan and Chevron Corporation Tengizchevroil was created. Currently, the project partners are Chevron - 50%, KazMunayGas - 20%, ExxonMobil - 25%, and LukArco - 5%.

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