U.S. Chevron Corp.-led (CVX) Tengizchevroil, Kazakhstan's largest oil producer, boosted its oil production in 2010 by 15% to 25.9 million metric tons, or about 567,000 barrels per day, a company spokeswoman said Thursday, Wall Street Journal reported.
The Tengiz field in western Kazakhastan is one of the world's deepest producing super giant fields. Its shareholders are Chevron with a 50% stake, Kazakh state oil and gas company KazMunaiGas with 20%, U.S. ExxonMobil (XOM) with 25% and LukArco with 5%.
Tengizchevroil's next expansion phase called Future Growth Project, if approved by its shareholders, would increase reserves by approximately 150 million tons, and would boost oil production to 36 million tons per year, or 780,000 barrels per day.
Tengizchevroil's potential is 6 billion to 9 billion barrels of recoverable oil.