Kazmunaygas, Chevron Debate Tengiz Field Renewable Energy Development
Date
6/19/2024 7:30:43 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, June 19. Kazakhstan's
KazMunayGas (KMG, the national oil and gas company) and Chevron
have discussed the development of renewable energy sources at the
Tengiz field, Trend reports.
Negotiations on this topic took place between the Chairman of
the Board of KMG Askhat Khassenov and Derek Magness, Managing
Director of the Eurasian division of Chevron.
Khassenov noted that, in addition to helping Kazakhstan reach
its carbon emission reduction targets, developing renewable energy
sources at the Tengiz field could free up gas for use in domestic
markets and petrochemical projects.
Simultaneously, the parties acknowledged the significance of
promptly giving green light to an investment decision regarding the
building of a gas processing plant to handle 4.5 billion cubic
meters of raw gas annually at the Karachaganak field in order to
supply Kazakhstan with marketable gas.
Khassenov also pointed out the need for cooperation with
government agencies for the timely approval of project documents
for field development.
In conclusion, the parties confirmed their commitment to
strengthening a mutually beneficial partnership.
Meanwhile, the Tengiz field is managed by Tengizchevroil, a
joint venture between Kazakhstan and Chevron. Tengiz, the world's
deepest-producing super-giant oil field, was discovered in 1979.
The Tengizchevroil (TCO) partnership was formed on April 6, 1993,
between Kazakhstan and Chevron.
Estimated oil in place in the Tengiz field is 3.1 billion metric
tons (25 billion barrels) and 200 million metric tons (1.6 billion
barrels) in the Korolev field, where Tengizchevroil also produces.
Total recoverable crude oil in the Tengiz and Korolev fields is
estimated to be 1.4 billion metric tons (11.5 billion barrels).
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