Chevron, Exxon and others to spend $36.8B in Kazakhstan

The Associated Press

 

Chevron, Exxon Mobil and its other partners say they will spend $36.8 billion to develop more oil in Kazakhstan.

 

NEW YORK (AP) — Chevron, Exxon Mobil and its other partners say they will spend $36.8 billion to develop more oil in Kazakhstan.

The project is expected to increase production to about 1 million barrels of oil equivalent per day in 2022.

Chevron, Exxon Mobil and its partners are forming a venture called Tengizchevroil. Chevron owns 50 percent of Tengizchevroil. Exxon Mobil Corp., based in Irving, Texas, has a 25 percent stake. Kazakhstan oil and gas company KazMunayGas has a 20 percent stake and LukArco, a subsidiary of Russia's Lukoil, has a 5 percent stake.

Chevron Corp., based in San Ramon, California, says $27.1 billion will be spent on facilities and $3.5 billion for wells. Another $6.2 billion will go to other unnamed costs.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs