ASTANA, Kazakhstan, November 25. Tengizchevroil is embarking on a journey of growth with the Future Expansion Project, a venture that promises to elevate the flow of oil by an impressive 12 million tons each year, Trend reports.
The growth idea was announced during the speech of Kazakhstan’s Minister of Energy, Almassadam Satkaliyev, at government reporting of Parliament of Kazakhstan.
According to Almassadam Satkaliyev, three major fields play a significant role in the country’s development in the oil and gas sector, accounting for 65 percent of oil production in the Republic. Gross direct investments in these projects have amounted to about $185 billion since the start of development. It is forecasted that from 2026, annual oil production is expected to exceed 100 million tons due to the implementation of large-scale projects.
Satkaliyev also pointed out that the job on the 5th compressor
at the Karachaganak field has been wrapped up, and efforts are in
full swing to roll out the 6th compressor for raw gas reinjection,
which will keep the production levels steady at 11-12 million tons
per year.
Moreover, a gas processing plant boasting a capacity of 4 billion
cubic meters of gas is in the works at the field, with its
completion on the horizon for the end of 2028.
"At Kashagan, the construction of a gas processing plant with a capacity of 1 billion cubic meters per year is underway, which is expected to increase oil production by 1 million tons starting in 2026. Furthermore, oil production is expected to increase by 2 million tons with the construction of a gas processing plant with a capacity of 2.5 billion cubic meters per year in 2029. Overall, oil production from these three major projects will account for 70 percent of the country's total oil production, with investments totaling around $17 billion," the minister added.
To note, by 2030, a whopping $5 billion is set to be poured into the geological exploration of promising subsoil areas in Kazakhstan, paving the way for a bountiful yield of 11 million tons of oil production by 2040. All in all, by the time the clock strikes 2030, the purse strings will be loosened to the tune of around $21 billion in key oil production fields.
