TCO to invest $10-16 billion before 2017 in Tengiz expansion project

TCO to invest $10-16 billion before 2017 in Tengiz expansion project

August 11. Interfax. Atyrau

Tengizchevroil (TCO) is going to invest about $10-16 billion in the Tengiz expansion project, TCO representatives said at public hearings in Kulsary (the administrative center of the Zhylyoy district of the Atyrau region, west Kazakhstan).

They said that the “Future Expansion Project” would provide for the construction of a crude stabilization unit with a capacity of 12 million tons of oil a year, an oil gathering system, power generation facilities as well as two sour gas compressors. About 15-20 injections wells and 50 production wells are going to be drilled too.

The new project will add 12 million tons a year to the overall productive capacity of the Tengiz field.

All sour gas removed during oil processing will be injected back into the reservoirs. The project also provides for the construction of a gas processing unit and a sulfur forming unit.

The TCO representatives said that designing was scheduled to begin in 2011, construction work would be between 2012 and 2017 and all start-up and adjustments were expected to be completed in 2017.

According to the company, the progress of the Future Expansion Project will depend on a number of factors, including approval by the Kazakh government and the partners.

The project will employ over 15,000 workers and create 500 permanent work places after all the new facilities are in operation.

TCO is engaged in development of the Tengiz and Korolyov oil and gas fields in Atyrau region (west Kazakhstan).

The joint venture is currently owned by American ChevronTexaco Overseas (50%), ExxonMobil Kazakhstan Ventures Inc. (25%), Kazakhstan through the national company KazMunayGas (20%) and Russian-American JV LUKArco (5%).

http://www.interfax.kz/?lang=eng&int_id=10&news_id=3675

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