Oil extraction in Kazakhstan’s Atyrau region will grow by 28 percent and will amount to 60 million tons a year as result of Tengiz Future Growth Project and Kashagan development plans, Head of the region Makhambet Dosmukhambetov said, Trend reports.
Dosmukhambetov made the statement during a briefing held June 18.
He explained that the increase in oil production is planned by 2025. The Tengiz project will account for increase by 12 million tons of extracted oil a year, whereas Kashagan – for 2 million tons.
Furthermore, a total of 198 measures for 9.5 trillion tenge ($22.2 billion) are planned in the region within the complex development plan. Some 8.7 trillion tenge of the funds ($18.2 billion) will account for private investments, 671 billion tenge ($1.5 billion) for the state budget, and 108 billion ($252.8 million) for local budget.
In 2016, TCO Partners announced approval for the final investment decision of the Future Growth Project - Wellhead Pressure Management Project (FGP-WPMP), the next major expansion of the Tengiz oil field.
FGP will expand production by approximately 12 million tons per year (260,000 barrels per day) to about 39 million tons per year (850,000 barrels per day).
WPMP will keep the existing Tengiz plants full by lowering the flowing pressure at the wellhead and then boosting the pressure to the inlet requirements of the six existing processing trains.
The Kashagan field is one of the three largest oil fields located in the northern part of the Kazakh sector of the Caspian Sea. Its recoverable reserves reach approximately 9-13 billion barrels (1-2 billion tons) of oil.