BAKU, Azerbaijan, Dec.11
By Nargiz Sadikhova - Trend:
US multinational energy corporation Chevron is planning to allocate approximately $3.7 billion for the Future Growth Project and Wellhead Pressure Management Project (FGP/WPMP) at Kazakhstan’s Tengiz field, Trend reports with reference to the company.
On Dec.10, Chevron Corporation announced a 2020 organic capital and exploratory spending program of $20 billion.
“The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at Tengizchevroil (TCO) in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico,” the report said.
Thus, out of the total Chevron 2020 planned capital and exploratory expenditures worth $20 billion, some $16.8 billion account for upstream projects, whereas $2.8 billion account for downstream projects.
As the company reports, in the upstream business, approximately $11 billion is forecast to sustain and grow currently producing assets, including about $4 billion for Permian unconventional development and about $1 billion for other international unconventional development.
“Approximately $5 billion of the upstream program is planned for major capital projects underway, of which about 75 percent is associated with the Future Growth Project and Wellhead Pressure Management Project at the Tengiz field in Kazakhstan. Global exploration funding is expected to be about $1 billion,” the report said.
Kazakhstan’s Tengiz oil field ranks as the world’s deepest producing giant oil field and the largest single-trap producing reservoir in existence. Nearby is another world-class reservoir called the Korolev Field. Chevron company holds a 50-percent interest in Tengizchevroil, which operates the two fields.
According to the company, the integrated FGP/WPMP project is designed to further increase total daily production from the Tengiz reservoir and maximize the ultimate recovery of resources.
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