Chevron, Exxon, others OK Kazakhstan - July 10, 2016

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2016

Vol 21, No. 28

Week of July 10, 2016

Chevron, Exxon, others OK Kazakhstan

Chevron, ExxonMobil 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, ExxonMobil 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.

- Associated Press

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