Chevron Provides Further Detail on the Future Growth Project at the Tengiz Field in Kazakhstan
Chevron Corp. (NYSE: CVX) today reports that its affiliate
Tengizchevroil LLP (TCO) expects to enter front-end engineering and
design (FEED) in 2012 for an expansion project to increase total daily
production between 250,000 and 300,000 barrels.
The Future Growth Project (FGP) will utilize sour gas injection
technology used in existing operations. An early estimate of the total
project cost is in the $6 - $8 billion range. The upcoming FEED work
will refine the estimate range.
TCO is also undertaking an ongoing drilling program and has entered FEED
on a ?well head pressure management project to support current operations.
An early estimate of the total project cost for the trio of projects is
in the $20 - $25 billion range.
Chevron has a 50 percent interest in Tengizchevroil. Other partners are
KazMunaiGas, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25
percent; and LUKArco, 5 percent.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for
the Purpose of 'Safe Harbor? Provisions of the Private Securities
Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'targets,' 'projects,' 'believes,'
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based upon management's current expectations, estimates and projections;
are not guarantees of future performance; and are subject to certain
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company's control and are difficult to predict. Among the factors that
could cause actual results to differ materially are changes in prices
of, demand for and supply of crude oil and natural gas; actions of
competitors; the inability or failure of the company′s joint-venture
partners to fund their share of operations and development activities;
the potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects; potential
delays in the development, construction or start-up of planned projects;
the potential disruption or interruption of production and development
activities due to war, accidents, political events, civil unrest, or
severe weather; government-mandated sales, divestitures,
recapitalizations and changes in fiscal terms or restrictions on scope
of company operations; and general economic and political conditions.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Chevron Corp.
Kurt Glaubitz, +1-925-790-6928 (San Ramon)
