Azerbaijan, Baku, Feb. 14 / Trend E. Kosolapova/
Kazakh large oil company Tengizchevroil (TCO) is planning to spend roughly $1 billion on drilling work in 2012, TCO General Director Tim G. Miller told journalists on Tuesday, KazTag reported.
Miller said that the company plans to launch drilling of 3-4 new wells in April, 2012.
"We intend to begin drilling work in April-May. This year we plan to drill 3-4 new wells," Miller told journalists on Tuesday.
Miller said that the drilling program is designed for 5-6 years. In general, it will cost $5-6 billion.
The Tengizchevroil partnership was formed in 1993 between the Republic of Kazakhstan and Chevroil company. Current partners are Chevrol (50 percent), Kazakh National Company KazMunaiGas (20 percent), ExxonMobil Kazakhstan Inc.(25 percent) and LukArco B.V. (5 percent).
Tengizchevroil develops Tengiz and Korolev fields in the Atyrau region in western Kazakhstan. Total recoverable crude oil reserves at Tengiz and Korolev field till April 2033 is from 750 million to 1.1 billion metric tons (6-9 billion barrels).
TCO completed the expansion in the third quarter of 2008 which brought daily capacity to 75,000 metric tons (600,000 barrels) of crude oil per day and 22 million cubic meters (750 million standard cubic feet) of gas per day.
TCO exports crude oil via Caspian Pipeline Consortium pipeline to Novorossiysk, via railway to Odessa and Feodosiya, as well as to Aktau, then futher to Batumi and Kulevi.