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CHEVRON INTENDS TO INVEST USD 2-3 BILLION TO TENGIZSHEVROIL

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10:41 09.07.2001
text: Caspian news agency
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Chevron intends to invest USD 2-3 billion to TengizShevroil. The head of the department of the Russian company for public relations Yekaterina Krivtsova informed CNА that the management of the company considers that these investments would increase the oil extraction at Tengiz oil field at the Kazakh coast of the Caspian Sea by 5 million tons annually (up to 360 barrels per year).

In fact Chevron is the largest private shareholder of the Caspian Pipeline Consortium (CPC), which finances 30% of the project cost. The company also owns 50% of TengizShevroil, which will become the largest client of CPC.

According to the press office of Chevron, in 1993 the oil extraction at Tengiz stood at 1 million tons annually - about 21,000 barrels daily. In 2001, after investing more than USD 2 billion, the oil extraction at this field reached up to 12 million tons annually or 260,000 barrels daily.

While speaking about Chevron’s plans the president of the company Jan McDonald said at the 10th Moscow International Conference "Oil and Gas 2001" that the participants of the project have no doubts that TengizShevroil can manage to fully use its potential and reach the level of oil extraction at 33 million tons of oil annually (700,000 barrels daily).