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Chevron, Partners proceed with $37bn boost

07 Jul 2016
Oil and gas giant Chevron Corp. which entered into a joint venture with ExxonMobil Corp, KazMunayGas and LukArco, have decided to proceed with its $36.5 billion future growth plan and wellhead pressure management project. 

The project will involve increasing production at the Tengiz oil field in Kazakhstan by 260,000 barrels per day (bbl/d) to 850,000 barrels bbl/d. 

“It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services,” Jay Johnson, executive vice president of upstream operations for Chevron. 

The project has been forecasted to increase Tengiz chevroil's total production to approximately 39 million tonnes of oil per year and create roughly 20,000 jobs during the construction phase.

Officials have indicated that first oil is expected in 2022. 

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