Tengizchevroil Begins Long-Delayed Future Growth Project Oil Production
Tengiz oil field began production under new expansion projects on January 21, with Tengizchevroil increasing the total output to 10,000 tons daily.
The $49 billion Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP) will add 12 million tons of annual oil production, raising total output to 40 million tons yearly (about 850,000 barrels per day).
The third-generation plant, built as part of the expansion, has started operations.
Tengizchevroil plans gradual capacity increases over the coming months.
These delayed projects, originally scheduled for 2022 completion, will significantly boost Kazakhstan's revenue through taxes and royalties.
The WPMP launch is set for Q2 2024, with FGP following in Q2 2025.
Tengiz is Kazakhstan's primary oil export source via the CPC pipeline.
In 2023, it shipped around 600,000 barrels daily through CPC. According to Argus, Tengiz shipments dropped to 347,000 tons in May from 494,000 in April and rebounded to 361,000 in June, with another potential decrease expected in August due to maintenance.
Tengizchevroil ownership: Chevron (50%), KazMunayGas (20%), ExxonMobil (25%), and LukOil (5%).
Original Author: Artyom Volkov
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