05.07.2016
Re Tengiz Project
Tengizchevroil LLP Announces Approval of Final Investment Decision for Tengiz Expansion
Atyrau, 5 July 2016 – Tengizchevroil LLP (TCO) today announced it has received approval from its partners on the final investment decision for the Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP), the next expansion of the Tengiz oil field in western Kazakhstan. FGP-WPMP is currently estimated to cost US $36.8 billion, which includes contingency and escalation. First oil is planned for 2022.
FGP will use sour gas injection technology, successfully developed and proven during TCO’s previous expansion in 2008, to increase Tengiz crude oil production capacity by about 12 million tonnes per year/260,000 barrels per day to about 39 million tonnes per year/850,000 barrels per day, with peak rates exceeding 900,000 barrels of crude oil per day. While FGP will expand production, WPMP will keep the existing Tengiz plants at full capacity by lowering the flowing pressure at the wellhead and then boosting the pressure to the inlet requirements of the six existing processing trains.
Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur. LUKARCO B.V. (a 100% subsidiary of PJSC LUKOIL) holds 5% in TCO.