It is planned to adopt a final decision on financing the Wellhead Pressure Management Project / Future Growth Project (WPMP / FGP) of the Kazakh field Tengiz in the first half of 2016, according to the information on the results of activities of the Ministry of Energy of Kazakhstan for 2015 and the tasks for 2016, published on the ministry's website.
Implementation of the WPMP / FGP will make it possible to increase Tengizchevroil LLP (TCO) oil production by 12 million tons - up to 38 million tons per year.
The WPMP is aimed at maintaining the current TCO production level by building a system that will be maintaining pressure in the collector of the Tengiz field. The pressure in the reservoirs of "Tengiz" has been steadily falling, which can greatly complicate the extraction of oil and sharply increase in the prime cost of production.
Implementation of the WPMP envisages the construction of a new system for the collection of the well production, infrastructure and support facilities, objects of the pressure increasing system, which will make it possible to maintain the current level of oil refining at the existing Complex Technology Line (CTL) plant and the Second Generation Plant (SGP).
The Future Growth Project (FGP) includes the construction of a new oil refinery in the amount of 12 million tons per year and the objects of gas injection with a capacity of 9.4 billion cubic meters per year.
Due to a sharp fall in oil prices on the world market in February 2015, TCO held optimization of costs for implementation of these projects and recommended the project partners to postpone a final decision on financing. Currently, TCO finishes work on optimization of costs, according to the information.