Kazakh President urges to increase oil production at Tengiz oil field

April 26. Trend

E. Kosolapova

Kazakh President urges to increase oil production at Tengiz oil fieldThe oil production at Tengiz oil field in Western Kazakhstan should be increased, Kazakh President Nursultan Nazarbayev said, the presidential press-service reported.

On Thursday Nazarbayev received John Watson, the chief executive officer of Chevron oil corporation, developing one of the largest oil fields in Kazakhstan – Tengiz.

“I got acquainted with your company’s work and have no remarks. Oil production has increased to 20 million tons. This is Kazakhstan’s lively and mobile asset and we should be aimed at further growth in production,” Nazarbayev said at the meeting with Chevron’s chief executive officer John Watsonon on Thursday.

Nazarbayev said that Kazakhstan and Chevron are cooperating successfully.

“The company is engaged in local content: 86 percent of company’s employees in Kazakhstan are Kazakh citizens. Thanks to your orders in Kazakh enterprises we create new jobs. Currently we are implementing an industrial-innovative development program in Kazakhstan. We believe that our three largest oil facilities – Tengiz, Kashagan and Karachaganak should take an active part in this program,” the president said.

Tengiz field, opened in 1979 in the west of Kazakhstan, is one of the deepest and largest oil fields in the world. Total estimated reserves of Tengiz field are 3 billion tons (26 billion barrels).

Tengiz field is operated by Tengizchevroil consortium (TCO), a joint venture established in April 1993 based on an agreement signed between the Kazakh government and Chevron. Tengizchevroil partners are Chevron – 50 percent, KMG – 20 percent, ExxonMobil – 25 percent and LukArko – 5 percent.