Sources say Chevron is accelerating

(Reuters) -Chevron increases its expansion in the Teniz Oil field in Kazakhstan, two sources familiar with Reuters plans, which raised its production to about 1 % of global crude supplies.

Chevron said in January that she had started expansion of $ 48 billion in Tengiz, one of the deepest and most complex fields due to high sulfur levels and harsh weather conditions.

The expansion of the Kazakh oil field has suffered from great cost delay and excesses since it started in 2012.

Clay Neve, head of the International Exploration and Production Department in Chevron, told Reuters last month that the expansion of Tingies is expected to reach a full capacity of 260,000 barrels per day by June, and raised its total production to about one million barrels of oil per day.

Chevron spokesman said on Friday that TengizchevroIL (TCO) had started safely from the future growth project (FGP).

“Once all Tengiz facilities work at full capacity, it is expected that the total annual crude oil production of To will reach about 40 million tons annually. After that, TCO does not comment on specific details about current or future production levels,” he said.

A source familiar with the plans said on Friday that Chevron is likely to complete the increase in expansion by the end of February, four months ago, which was expected.

Kazakhstan has constantly exceeded its productive share of 1.468 million barrels per day, according to the production deal reached by the organization of oil -exporting countries and allies such as Russia – known as OPEC+.

Rapid expansion in this field is likely to complicate efforts to curb the total oil production in Kazakhstan in line with the shares agreed by the Opec+ group of major producers.

The Central Asian State plans to enhance the production of oil and gas condensate this year to 96.2 million metric tons (about 2 million barrels per day) from 87.56 million tons in 2024.

The Ministry of Energy in Kazakhstan said on Tuesday that the country will make everything necessary in this year and next year to meet its obligations under the OPEC+ and compensate for excessive production in 2024.

CPC

The oil is shipped from the field via the CASPIAN pipeline (CPC) for export from a station near the Novorossiis port in the Black Sea in Russia.

Another source, on the data, said that the production of oil in Tengiz has already reached 900,000 barrels per day, an increase of 606,000 barrels per day on average in 2024.

“It seems before the specified date,” said.

Chevron has a 50 % stake in the joint Tengizchevroil project, which works. Exxon Mobil has 25 %, the oil company in Kazakhshasa Kazmagas 20 % and Russia Lukoil 5 %.

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