Chevron, Exxon and Partners to Spend $36.8 Billion in Kazakhstan
7/6/2016
NEW YORK (AP) — Chevron, Exxon Mobil 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, Exxon Mobil 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.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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