International Oil Company (IOC), Chevron Corporation, has announced that its 50 per cent owned affiliate, Tengizchevroil (TCO), will proceed with the development of its Future Growth and Wellhead Pressure Management Project (FGP-WPMP), which will increase crude oil production at the Tengiz oil field in Kazakhstan by about 260,000 barrels per day.
“The Future Growth and Wellhead Pressure Management Project represent an excellent opportunity for the company. The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders, said Chevron Chairman and Chief Executive Officer John Watson.
“This project builds on the successes of prior expansions at Tengiz and is ready to move forward,” said Jay Johnson, Executive Vice President, Upstream, Chevron Corporation. “It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services,” he said.