The
implementation of the project to raise production at Kazakhstan’s huge Tengiz
oil field will create more than 20,000 oil-related jobs in the country, the
ministry of labor and social protection said on Monday.
The
company operating the Tengiz field, Tengizchevroil LLP, is implementing the
Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP),
under which production is expected to increase by 12 million tons per year, or
by 260,000 barrels per day. The WPMP plans to keep the existing Tengiz plants
full by lowering the flowing well head pressures and boosting the pressure to
the six existing processing trains, according to the company’s plans.
In
July last year, Tengizchevroil – in which Chevron holds 50 percent and
ExxonMobil another 25 percent - approved a $36.8-billion output expansion plan
for Tengiz. Plans are to bolster production to 39 million tons of crude per
year, or 850,000 barrels per day, by 2022. The field currently yields 27
million tons per year, which represents over a third of Kazakhstan’s overall
crude oil output.
Kazakh
Energy Minister Kanat Bozumbayev said back then that the expansion was expected
to generate some $120 billion in extra taxes by the year 2033 when the oilfield
development contract ends, as well as a cumulative 250 million tons of crude.
Tengizchevroil
– whose other shareholders include Kazakhstan’s state company KazMunayGaz with
20 percent and Lukoil’s LukArco with a 5-percent ownership – said that crude
oil production was 114.8 million barrels for the first half of 2016.
Estimated
oil in place in the Tengiz field is around 25.5 billion barrels.
Total
recoverable crude oil in the Tengiz and the nearby Korolev field is estimated
at 6.4-10.7 billion barrels.
In
2015, Chevron’s share of the net daily production from the two fields averaged
257,000 barrels of crude oil, 348 million cubic feet of natural gas, and 21,000
barrels of natural gas liquids.
Source: http://oilprice.com
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