Kazakh Oil and Gas Ministry expects implementation of Tengiz further growth project
Kazakhstan, Astana, Oct. 2 / Trend D. Mukhtarov /
The Kazakh Oil and Gas Ministry expects a rapid submission of a project on the expansion of Tengiz to the Central Exploration Commission.
"We expect the implementation of the so-called project of the expansion of Tengiz," Kazakh Oil and Gas Minister Sauat Mynbayev said at the KazEnergy forum today. He added that at present, the project is under the consideration of shareholders.
"The Kazakh Oil and Gas Ministry expects to be in discussions at the central exploration commission," he said.
Mynbayev also added that according to the preliminary review, the oil and gas ministry thinks the project meets the interests of shareholders and the Kazakh government.
The Tengiz Field in western Kazakhstan was opened in 1979. It is one of the deepest and largest oil fields in the world. In April 1993, Tengizchevroil was created after the Kazakh government and Chevron signed an agreement. At present, its partners are: Chevron -- 50 per cent, KMG -- 20 per cent, ExxonMobil -- 25 per cent and LukArko -- five per cent.
Recoverable oil reserves at its collector till April 2033 hit from 750 million to 1.1 billion tons. Total proven reserves in the Tengiz collector exceed three billion tons (26 billion barrels), and about 190 million tons (1.5 billion barrels) in the Royal Field (one sixth of the Tengiz reserves).