Kazakhstan - 04

Kazakhstan: Bozumbayev’s Upbeat Statements: Fact and Fiction

On 25 May Minister of Energy Kanat Bozumbayev optimistically suggested that Tengizchevroil (TCO) is finalizing an expansion project for the Tengiz field that will cost an estimated $36-37bn and lift output by 11mn tons to 36mn tons/year by 2021. The minister stated that IOCs led by Chevron are slated to finalize the spending plan in June. Following his remarks, Chevron cautiously stated that the consortium will work closely on the investment decision and calculations, which need to go through a rigorous evaluation process. In our view…

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