Decision to finance Tengiz field’s expansion in Kazakhstan scheduled for fourth quarter of 2013
Kazakhstan, Astana, Feb. 14 /Trend D. Mukhtarov/
The decision to finance the Wellhead Pressure Management Project and project for future expansion of Tengiz field in Kazakhstan is scheduled for the fourth quarter of 2013, Deputy Board Chairman of the Kazakh KazMunaiGas oil and gas company (KMG) Magzum Mirzagaliev said at the Forum " Oil and gas: Kazakh Content - 2013. "
He said preliminary design is developed under these two projects.
"KMG will defend issues surrounding increasing Kazakh content during implementation of this project," Mirzagaliev said.
The Tengiz field is one of the deepest oil fields in the world, developed by Tengizchevroil company (TCO). License area of the project includes the Tengiz field and Korolevskoe field which is smaller in size, but has significant reserves.
Currently, TCO shareholders are Chevron with 50 per cent, KMG with 20 per cent, ExxonMobil with 25 per cent and LukArco with five per cent.
Future Growth Project is currently developed under Tengiz project with possible increase of production volumes from current 26 million tons to 36 million tons a year. In 2013, the project will be submitted for consideration to Kazakh Ministry of Oil and Gas .Currently it is considered by the project's shareholders.