Chevron-led Tengizchevroil Sets New Daily Production Record

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06.10.2010 22:29

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October 6, 2010. ASTANA, Kazakhstan (Dow Jones)--U.S. Chevron Corp.-led (CVX) Kazakh oil and gas producer Tengizchevroil this week set a new daily crude production record of more than 79,000 metric tons, or more than 624,000 barrels of crude oil, its Chief Executive Tim Miller said Wednesday.

He told an annual Kazenergy Eurasian Forum in Kazakhstan's capital Astana that the venture's most recent investment in production capacity, the Sour Gas Injection and Second Generational Plant expansion, "has enabled us to recently set" the latest daily crude production record.

He said Tengizchevroil is projected to produce more than 25 million tons of oil, or more than 540,000 barrels per day, this year.

Miller, the venture's new chief executive, said Tengizchevroil's next expansion phase called Future Growth Project, if approved by its shareholders, would increase reserves by approximately 150 million tons, and would boost oil production to 36 million tons per year, or 780,000 barrels per day.

Tengizchevroil is currently Kazakhstan's largest oil and gas producer and its potential is 6 billion to 9 billion barrels of recoverable oil.

The WALL STREET JOURNAL

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