BAKU, Azerbaijan, March 11. KazMunayGas (KMG), the national oil and gas company of Kazakhstan, expects to launch a project to expand production at the Tengiz field in 2025, Chairman of the Board of the company Magzum Myrzagaliev told Trend in an exclusive interview.
"We anticipate the commencement of the project to expand production at the Tengiz field in 2025," he said.
Kazakhstan's Energy Ministry announced earlier that the initiation of the Future Expansion Project (FEP) for Kazakhstan's Tengiz field has been delayed. The project would expand production from about 12 million tons per year (260,000 b/d) to about 39 million tons per year (850,000 b/d).
Meanwhile, Tengizchevroil, a joint venture between Kazakhstan and Chevron, operates the Tengiz field. Discovered in 1979, Tengiz stands as the deepest producing supergiant oil field globally. The Tengizchevroil Partnership (TCO) was established on April 6, 1993, between Kazakhstan and Chevron. The Tengiz field boasts estimated oil reserves of 3.1 billion metric tons (equivalent to 25 billion barrels), along with 200 million metric tons (equivalent to 1.6 billion barrels) in the Korolev field, where Tengizchevroil is also active. The combined total of recoverable crude oil reserves from the Tengiz and Korolev fields is estimated at 1.4 billion metric tons (equivalent to 11.5 billion barrels).