With the implementation of the Future Growth Project-Wellhead Pressure Management Project total daily production from the Tengiz reservoir will reach 850 thousand barrels a day, Kazakh´s Kazinform correspondent reports on May 16, 2017.
«TCO partners announced the final decision to finance the Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP), which is the next stage in the expansion of the Tengiz field's production facilities. In order to maximize the ultimate recovery of resources, the construction of FGP-WPMP facilities is carried out simultaneously. The goal is to increase oil production by about 260,000 barrels a day, which is about 39 million tons a year, or 850,000 barrels a day,» Tengizchevroil press service reports.
In July 2016, Tengizchevroil – in which Chevron holds 50 % and ExxonMobil another 25 % - 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.
Kazakhstan is one of the 12 producers outside of the OPEC that agreed to curb output by about 558,000 barrels per day as part of a multilateral effort to balance an oversupplied market.
According to OPEC's monthly market report for May 2017, oil production from Kazakhstan is expected to increase by about 150,000 bpd this year.
Oil production from the country averaged 1.72 million bpd during the 1st quarter, which was up 40,000 bpd from 1st quarter 2016.
To read this news in Russian.
