Kazakhstan - 01

Kazakhstan: Tengiz’s Expansion: A Success for Astana on the Eve of Nazarbayev’s 76th Birthday

On 5 July Chevron and Kazakh Minister of Energy Kanat Bozumbayev announced a $36.8bn expansion of the Tengiz oil field run by international consortium TCO comprising Chevron (50%), ExxonMobil (25%), KMG (20%) and LUKoil (5%). The two-part expansion includes TCO’s Wellhead Pressure Management and Future Growth Projects. Horizon was cautious about a swift TCO investment decision when Bozumbayev optimistically suggested it at the end of May (please see our 27 May Latest Analysis), but several factors appear to have influenced the decision since.

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