Oil production from Tengiz to increase to 35 mln tons a year: Kazakh minister

размер шрифта: Aa | Aa
04.10.2011 18:41

Kazakhstan , Astana, Oct. 4 / Trend A.Maratov/

Oil production from the Tengiz field in Kazakhstan is planned to increase to 36 million tons a year from the current 26 million tons, the Minister of Energy and Mineral Resources Sauat Minbayev said at the opening of VI Eurasian forum KAZENERGY in Astana.

Minbayev said a plan of production from the Tengiz field will soon be submitted to the Oil and Gas Ministry for consideration.

Crude oil production from the Tengiz field hit 13 million tons (104 mln barrels) in the first half of 2011.

According to Minbayev, Kazakhstan ranked the 9th place in the world for the volume of proved oil reserves.

The country's oil production has increased thrice and gas production by five times over 20 years of independence.

Tengiz field, opened in 1979 in the west of Kazakhstan, is one of the deepest and largest oil fields in the world

Tengiz field is operated by Tengizchevroil consortium (TCO), a joint venture established in April 1993 based on an agreement signed between the Kazakh government and Chevron. Tengizchevroil partners are Chevron - 50 percent, KMG - 20 percent, ExxonMobil - 25 percent and LukArko - 5 percent.