Costs For Tengiz Increased By Another $1.5 Billion
The operator of the project for the development of the Kazakh Tengiz field, American Chevron, has again increased the amount of necessary investments in the expansion of the project.
The cost of expanding production at the giant Tengiz oil field in Kazakhstan has increased by another $1.5 billion, Bloomberg writes, citing sources.
This is despite the fact that the project operator, the American Chevron, only in October last year announced an increase in the Tengiz budget by 4% – to almost $47 billion due to a slower than expected start-up. Now that figure is about $48.5 billion instead of the original $37 billion.
The project to increase production in Tengiz cannot be implemented in any way, the deadlines were shifted several times: first it was called 2022, then 2024, and at the beginning of this year the launch was postponed again – now to the first half of 2025.
It is expected that the project to expand oil production at the Tengiz field, whose reserves amount to 3.2 billion tons of oil, will allow the republic to reach production of 12 million tons. The field is being developed by Tengizchevroil, in which Chevron owns a 50% stake; Russian LUKOIL, American ExxonMobil and local KazMunayGas are also shareholders.
