Increase of oil extraction at Tengiz Field to cost $23 billion

Kurmangazy Iskaziyev, deputy chairman of the board of KazMunaiGas (Kazakhstan), said that increase of oil extraction from 26 million tons to 38 million tons a year at the Tengiz Field in mid-2018 will need $23 billion.

The field was discovered in 1979. The Kazakh government and Chevron formed Tengizchevroil in 1993. Chevron owns 50% of shares in the project, KazMunaiGas 20%, ExxonMobil 25%, LukArco 5%.