Tengizchevroil LLP (TCO) has reached a significant milestone at its Future Growth Project (FGP), by safely initiating production of crude oil at its new Third-Generation Plant (3GP) at the Tengiz oilfield, Report informs referring to the TCO.
This milestone marks the beginning of a gradual ramp-up of 3GP production over the coming months, which is expected to expand Tengiz's crude oil output by an additional 12 million tons per annum.
Once all Tengiz facilities are operating at full capacity, TCO’s total annual crude oil production is expected to reach approximately 40 million tons per annum, providing incremental value to Kazakhstan through taxes, royalties and other direct financial payments.
FGP will also help maintain reliable base business performance and strengthen Kazakhstan’s status as a major supplier to global energy markets.
“The successful delivery of the Future Growth Project is a major accomplishment in terms of scale and global complexity. FGP will unlock additional value for both Kazakhstan and TCO’s shareholders,” said Kevin Lyon, TCO general director.
The participants of Tengizchevroil LLP are Chevron (50%), ExxonMobil Kazakhstan Ventures Inc (25%), Kazakhstan through KazMunaiGas (20%), and LUKOIL (5%).
