Bloomberg News

Chevron-Led Kazakh Oil Venture Plans $6 Billion Drilling Program

February 15, 2012

Feb. 14 (Bloomberg) -- Chevron Corp.’s Kazakh oil venture plans to spend $5 billion to $6 billion in the next five years drilling at Tengiz, the Central Asian country’s biggest producing field,to sustain output.

The TengizChevroil LLP venture will invest $1 billion of that amount to drill three to four wells this year, starting in April, General Director Tim Miller told reporters in Almaty today, without giving a production forecast for 2012.

Crude output fell 0.4 percent last year to 25.8 million metric tons, or almost 565,000 barrels a day, the venture said on Jan. 30.

The venture wants to invest $15 billion to $20 billion to raise output through 2016, Deputy Head Anuarbek Dzhakiyev said in June last year, citing preliminary data. The plan, which hadn’t been submitted to Kazakhstan’s government, is designed to raise annual output to 36 million metric tons, he said.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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