Chevron launched its first production at its Tengiz oilfield expansion project in Kazakhstan on Thursday, with completion of the final phase of the expansion set for the first half of next year,
enabling an additional 260,000 barrels per day of crude oil output, or an additional 12 million tons per year. “This is a significant step towards completion of the Future Growth Project FGP.
Chevron’s expansion progress announcement comes as Kazakhstan is under pressure to compensate for overproduction in the first quarter of this year in terms of its quota responsibilities for OPEC. Kazakhstan has reportedly prepared a “detailed plan for the gradual compensation of overproduction”, the Kazakh Astana Times reported, citing the country’s Energy Ministry.
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