ASTANA, Kazakhstan, January 24. Kazakhstan’s Tengizchevroil (TCO) has reached an important milestone in the implementation of its Future Expansion Project (FEP) by safely beginning the extraction of crude oil at its new Third-Generation Plant (TGP) at the Tengiz field, Trend reports.
This achievement marks the start of gradual production ramp-up at the TGP over the coming months, which is expected to increase the overall crude oil output at Tengiz by an additional 12 million tons per year. Once all production facilities are operating at full capacity, total crude oil production is projected to reach around 40 million tons per year, which will provide additional revenue to Kazakhstan through taxes, royalties, and other direct financial payments. The FEP will also support the reliable operation of the core production and strengthen Kazakhstan's position as a major supplier to global energy markets.
“The successful implementation of the Future Expansion Project is a significant achievement in terms of scale and global complexity. The FEP will create additional value for both Kazakhstan and TCO’s shareholders. We would like to express our sincere gratitude to the Government of the Republic of Kazakhstan, our shareholders, contractors, our talented and qualified personnel, and other stakeholders for their cooperation and support in achieving this important milestone,” said Kevin Lyon, CEO of TCO.
During the implementation of the FEP, TCO facilitated technology transfer within partnerships with international companies and supported the modernization of infrastructure in the Atyrau region.
“Kazakhstani companies have proven their outstanding capabilities in implementing large-scale projects. As part of the FEP, Tengizchevroil has invested around $19.5 billion in the procurement of local goods and services and has signed more than 1,250 contracts with Kazakhstani companies,” said Konilkosh Suyessinov, Deputy CEO of TCO.
During the height of construction on the FEP, around 90,000 jobs sprang up. Throughout the project’s execution, TCO played a pivotal role in enhancing the nation’s human resource capabilities, equipping local specialists with over 37,500 training courses. Nowadays, these experts can put to good use the skills they've honed in industrial projects, both in Kazakhstan and beyond.
Tengizchevroil LLP (TCO) is a Kazakhstani joint venture engaged in the development, extraction, and marketing of crude oil, liquefied petroleum gas (LPG), commercial gas, and sulfur. TCO was established in April 1993 by the Government of the Republic of Kazakhstan and Chevron Corporation. The participants include: Chevron—50 percent; KazMunayGas—20 percent; ExxonMobil—25 percent; and Lukoil—5 percent.
