News 2015
September 2015TCO
Final Investment Decision (FID) and the Future Expansion Project of Tengizchevroil (TCO) will be accepted in January and the works will start in May 2016, as informs Sauat Mynbaev, CEO of KazMunayGas JSC. "As you know, regarding TCO, we determined the FEP costs, which is the Future Expansion, for 38 billion dollars, afterwards, it was decided that in current conditions it is required to ensure the negotiations with all the contractors to reduce the costs for this project.
Nowadays, it was agreed about 34 billion dollars and it is considered as the FID, which means Final investment decision, to be accepted in January and the works themselves shall start in May of the next year", - said S.Mynbaev on September 17, during the meeting of the president of Kazakhstan Nursultan Nazarbayev with the akims of Atyrau, Aktobe, Mangistau and West Kazakhstan regions. The CEO of KazMunayGas doesn’t see any uncertainties for the future expansion project. "Even at the current pricing, the future expansion project will be implemented, based on the TCO shareholders’ opinion", - said S.Mynbaev.
Earlier, it was informed that TCO slowed down the works on the future expansion project due to the decreased oil prices. "Tengizchevroil" develops the oil&gas fields of Tengiz and Korolevskoe in Atyrau region of Kazakhstan. The shareholders of Tengizchevroil LLP are Chevron (50%) and ExxonMobil Kazakhstan Ventures Inc (25%), Kazakhstan through the national company KazMunayGas (20%), as well as 100% subsidiary of NC LUKOIL - LukArco (5%).