Azernews.Az

By Aynur Jafarova

Kazakhstan will have an opportunity to open new productions thanks to the implementation of the project on the expansion of the Tengiz oil field, Timurlan Altayev, the head of the executive directorate of the association of legal entities Kazakh Engineering Union, said on December 25.

Speaking at the meeting of the association Altayev noted analysis of Tengizchevroil's tender documentation as well as potential opportunities of other projects show the effectiveness of creation of national engineering productions.

The Tengiz oil field was discovered in 1979 and is one of the deepest and largest oil fields in the world. Reserves of the deposit are estimated at 750 million to 1.1 billion tons (6-9 billion barrels) of recoverable oil.

The Tengiz field is developed by the Tengizchevroil consortium (TCO), a joint venture established in April, 1993. TCO partners are Chevron with a stake of 50 percent, KazMunaiGas with 20 percent, ExxonMobil with 25 percent and LukArko with five percent.

Kazakhstan has approved the cost of the project on the expansion of the Tengiz oil field at $23 billion. The project which envisages increasing the production volume from 26 million to 38 million tons of oil per year will be completed in mid-2018.