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Kazakhstan’s largest oil producer plans to start oil extraction at Tengiz field in 2022

July 05, 2016, 15:38 UTC+3 ATYRAU

Investments into the project expansion will amount to $36.8 bln

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ATYRAU, July 5. /TASS/. Kazakhstan’s largest oil producer Tengizchevroil (TCO) plans to produce first oil at Tengiz oilfield in 2022, the company said on Tuesday.

Investments into the project expansion will amount to $36.8 bln, TCO said.

The decision was made to finance the next phase of expanding production facilities of the Tengiz oilfield, the company reported. It will comprise the future expansion project and the wellhead pressure control project, TCO said.

The crude gas injection technology anticipated for use in the future expansion project is reported to increase oil production on the field by 12 mln tonnes a year to 39 mln tonnes, TCO said.

The JV Tengizchevroil is owned by Chevron (50%), ExxonMobil (25%), Kazakhstan’s Kazmunaigas (20%) and Russian Lucarco (5%). TCO produced 27.2 mln tonnes of oil in 2015 and 7.4 mln tonnes in the first quarter of 2016.

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