Consortium, headed by Chevron, to invest up to $37 bln in oil production in Kazakhstan
A consortium led by US Chevron has intended to invest up to $37 billion to increase the oil production at the Tengiz field in Kazakhstan, the Energy Minister Kanat Bozumbayev said in an interview with the WSJ. It will be one of the first major investments in the sector by the major energy company after the collapse of the oil price, begun in 2014. Moreover, according to Rystad Energy, since then and till March 2016 the companies had to postpone or cancel projects for about $270 billion.
The Tengiz field is one of the largest in the world and the main source of the Chevron’s production growth in the coming years. The investments should begin in 2017, the project will create 24 thousand jobs in Kazakhstan, Bozumbayev said. According to him, Chevron’s CEO John Watson recently visited the country and discussed the project with political leaders.