Tengizchevroil (TCO), Kazakhstan’s biggest oil producer, led by Chevron, will delay parts of its USD45.2 billion expansion project by 3 to 7 months.
The Future Growth Project at Tengiz is set to boost annual oil output by 12 million tonnes. Originally, the project was planned to be completed by April 2023, but now the target moves to November 2023. The project is currently at 87% completion.
The Wellhead Pressure Management Project designed to expand the production plateau and keep existing plants producing at full capacity will be completed by March 2023 instead of December 2022.
The work is still continuing with workforce remobilization on track and the company’s vaccination program progressing but was slowed by pandemic restrictions and coronavirus infections among workers.
The delay will make additional spending but the project is estimated to stay within the approved figure thanks to the earlier savings.
