Chevron‘s 50%-owned affiliate Tengizchevroil (TCO) is set to proceed with development of its $36.8bn Future Growth and Wellhead Pressure Management Project (FGP-WPMP) at the Tengiz oilfield in Kazakhstan.

The project is expected to increase crude oil production at the field by around 260,000bpd and will raise TCO’s total production to one million barrels of oil equivalent per day.

Related Company Profiles

View all

Chevron chairman and CEO John Watson said: "The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company.

"The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

"The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

The total cost of FGP-WPMP includes $27.1bn for facilities, $3.5bn for wells and $6.2bn for contingency and escalation.

See Also:

Chevron upstream executive vice-president Jay Johnson said: "This project builds on the successes of prior expansions at Tengiz and is ready to move forward.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services."

WPMP will extend the production plateau and keep existing plants producing at full capacity. It is set to increase the value of existing TCO facilities.

The project will use sour gas injection technology, which has been developed during TCO’s previous expansion in 2008 in a bid to improve oil recovery.

First oil from the Tengiz oilfield is planned for 2022.

The partners in Tengizchevroil are Chevron (50%), Exxon Mobil (25%), the Kazakhstan government through Kazakhstan Petroleum (20%) and Lukoil (5%).