Chevron and its partner Tengizchevroil have unveiled plans to spend US$ 8 billion on front-end engineering and design (FEED) work on the Tengiz field in Kazakhstan. The work is aimed at boosting production by 250,000 - 300,000 bpd.
The field has undergone previous expansion work that cost US$ 7.2 billion and took five years to complete ending in 2008. This phase of expansion brought production up from 310,000 to 540,000 bpd.
Other players involved in the Tengiz field are KazMunaiGas with a 20% stake, ExxonMobil with 25%, and LUKArco with 5% In 2010, the Caspian Pipeline Consortium (CPC) said that it would spend US$ 5.4 billion over a course of three years in order to significantly improve the capacity on the link between the Tengiz field and the Russian port of Novorossiisk.
Early estimates for all the cost of all the projects involving the Tengiz field range from US$ 20 billion to US$ 25 billion.
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