KazMunayGas, Chevron debate Tengiz field renewable energy development

Kazakhstan Materials 19 June 2024 14:24 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, June 19. Kazakhstan's KazMunayGas (KMG, the national oil and gas company) and Chevron have discussed the development of renewable energy sources at the Tengiz field, Trend reports.

Negotiations on this topic took place between the Chairman of the Board of KMG Askhat Khassenov and Derek Magness, Managing Director of the Eurasian division of Chevron.

Khassenov noted that, in addition to helping Kazakhstan reach its carbon emission reduction targets, developing renewable energy sources at the Tengiz field could free up gas for use in domestic markets and petrochemical projects.

Simultaneously, the parties acknowledged the significance of promptly giving green light to an investment decision regarding the building of a gas processing plant to handle 4.5 billion cubic meters of raw gas annually at the Karachaganak field in order to supply Kazakhstan with marketable gas.

Khassenov also pointed out the need for cooperation with government agencies for the timely approval of project documents for field development.

In conclusion, the parties confirmed their commitment to strengthening a mutually beneficial partnership.

Meanwhile, the Tengiz field is managed by Tengizchevroil, a joint venture between Kazakhstan and Chevron. Tengiz, the world’s deepest-producing super-giant oil field, was discovered in 1979. The Tengizchevroil (TCO) partnership was formed on April 6, 1993, between Kazakhstan and Chevron.

Estimated oil in place in the Tengiz field is 3.1 billion metric tons (25 billion barrels) and 200 million metric tons (1.6 billion barrels) in the Korolev field, where Tengizchevroil also produces. Total recoverable crude oil in the Tengiz and Korolev fields is estimated to be 1.4 billion metric tons (11.5 billion barrels).