Chevron-led project may invest $10B to increase output in Kazakhstan

10/6/2009 | Houston Chronicle (tiered subscription model)

TengizChevroil, Chevron's joint venture in Kazakhstan, plans to seek government approval for a spending plan worth $10 billion to raise production at the country's biggest oilfield by about 12 million metric tons per year by the end of 2016, deputy head Anuarbek Dzhakiyev said. Output at the Tengiz site will climb to about 24 million tons in 2010 from "at least 22 million tons this year," he added. Chevron controls 50% of the project, while ExxonMobil, Lukarco and Kazakhstan's KazMunaiGaz hold the rest.

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