BAKU, Azerbaijan, March 8. Chevron Corporation plans to increase oil production in Kazakhstan up to 1 million barrels per day, Mike Wirth, CEO of Chevron, said during the CERAWeek energy conference, Trend reports, citing Kazakh media.
Currently, a large two-component project to expand hydrocarbon production is under development. The whole process will take the current and next year to put all facilities into operation, he said.
Wirth noted that Chevron was the first major investor in Kazakhstan, which helped to develop the Kazakh energy system for the benefit of the country and, of course, the US oil and gas company itself.
Chevron CEO added that about 50 barrels of oil per day were produced at the old Soviet oil field at that time. Today, the production level has increased to 700 barrels per day.
Chevron is involved in two of Kazakhstan’s largest joint ventures: Tengizchevroil (TCO) and Karachaganak Petroleum Operating B.V. (KPO).
Chevron is Kazakhstan’s largest private oil producer, holding important stakes in Tengiz and Karachaganak, two of the biggest oil-producing fields.
Meanwhile, the largest annual CERAWeek energy conference on the topic "Navigation in turbulence: energy, climate and security" is held in Houston, Texas, on March 6-10.