News 2015
April 2015TCO
Tengizchevroil slowed down the pace of activities and reduced the costs for the future growth project implementation and management of the wellhead pressure at Tengiz field in Atyrau region, informs Aidar Dosbaev, Deputy Director of TCO Expansion Project. "Global oil prices have dropped significantly.
Therefore, in response to the current situation with the oil prices we have slowed the pace of project activities and reduced the costs for 2015,”- shared Mr.. Dosbaev during the Atyrau Regional Petroleum Technology Conference OILTECH Atyrau. "In any case, the project will continue the works on the most important direction, and it will ensure a thorough analysis of the implementation plans and it will reduce the costs,"-he added.
"While we slow down the project pace and reduce the project costs, our commitments in the area of local content remains the same,"- said the Company’s representative. Earlier, it was reported that the Ministry of Energy of Kazakhstan plans to optimize the TCO extension project. A final decision on financing the TCO expansion project must be adopted before the end of 2015.
According to the data of the Ministry of Energy, the new expansion project facilities will be commissioned by 2021. Tengizchevroil is developing Tengiz and Korolevskoye oilfields in Atyrau region in Kazakhstan. Chevron (50%), ExxonMobil Kazakhstan Ventures Inc. (25%) and Kazakhstan through national company KazMunayGas (20%), as well as 100 % subsidiary company of NC Lukoil (MOEX: LKOH) LukArco (5 %) are the participants in Tengizchevroil.