Kazakhstan oks Tengizchevroil's Future Growth Project worth $23bn

Kazakh authorities gave a green light to the $23bn future growth project of Tengiz oil field in Atyrau Oblast, said Kurmangazy Iskaziyev, Deputy CEO of Kazakh national oil and gas company KazMunayGas, reports Novosti-Kazakhstan news agency.

Recently, Central Development Commission approved the future growth option of Tengiz field upon a recommendation of Geology Committee, he said at a press conference in Almaty.

The project, he said, will boost crude production at the field from yearly 26 million tons up to 38 million.

Projected to be over by the middle of 2018, the project will cost $23 billion.

Discovered in 1979, the field of Tengiz is one of the deepest and largest oil deposits in the world.

In 1993, the government of Kazakhstan and Chevron signed an agreement to create a joint venture - Tengizchevroil (TCO).

Current shareholders in TCO are Chevron - 50%; Kazmunaygas - 20%; Exxon Mobil - 25% and Lukarco - 5%.