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The Republic of Kazakhstan and Tengizchevroil LLP (TCO) today signed a Memorandum of Understanding (MOU) that sets out mutual commitments to progress TCO's plans to increase production of Kazakhstan's Tengiz field, a joint message of Kazakhstan's Oil and Gas Ministry and Tengizshevroil said.
The project envisages the increase of oil production in Tengiz field from 26 million tons to 38 million tons of oil per year, the message said.
According to the message, the MOU signing is an important milestone on the path to a Final Investment Decision for the projects by TCO partners.
"The MOU aligns the Government of Kazakhstan and TCO on the pursuit of common goals in the development of TCO's Future Growth and Wellhead Pressure Management Projects (FGP and WPMP); and outlines tasks to be executed by the signatories in order to execute FGP and WPMP," Kazakhstan's Minister of Oil and Gas Uzakbai Karabalin said.
FGP will utilize sour gas injection technology used in existing operations to expand production capacity by approximately 12 million tonnes per year.
Through installation of a central pressure boost facility, WPMP will maintain the volumes and pressure of crude oil delivered to the existing Tengiz crude oil processing plants. The projects are currently completing the front end engineering and design (FEED) phase.
Similar Memorandums have been signed between the Akimats of Atyrau and Mangystau Oblasts and TCO.
Tengizchevroil partners include Chevron, 50 percent; KazMunaiGas, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent; and LUKArco, 5 percent.