Final cost of Tengizchevroil expansion to make up $37 bln

​The cost of expansion of oil extraction at Tengiz was approved at $37 bln, the Minister of Energy of Kazakhstan, K. Bozumbaev, said.

Today Tengizchevroil announced of making the final decision on the financing of the project of expansion and a project of wellhead pressure management which will become the next stage of expansion of production capacities of the Tengiz deposit.

Currently the cost of projects is assessed at $36.8 bln taking into account the reserve for unexpected expenses. The first oil (after expansion) is planned in 2022.

Crude gas loading technology will be applied at the project of expansion. It is developed and tested at the previous project of expansion of production capacities of Tengizchevroil in 2008, due to which the production capacities on the extraction of crude oil at the deposit will grow by about 12 mln tons a year or 260 thousand barrels a day and will make up 39 mln tons a year or 850 thousand barrels a year. at the maximum extraction it will exceed 900 thousand barrels a day.