Chevron’s Kazakh Venture Decreased Oil Output 3.8% in First Half
TengizChevroil LLP, the Kazakh oil venture led by Chevron Corp. (CVX), cut oil output 3.8 percent in the first half from a year earlier as it carried out maintenance.
Crude output fell to 12.5 million metric tons, or 100 million barrels, from 13 million tons, or 104 million barrels, in the first half of last year, the venture said in a statement published on its website.
TengizChevroil plans to produce 25 million tons of oil in 2012, a decline of about 3 percent from last year because of capital repairs at the Caspian Sea project, the Interfax news service said today, citing General Director Tim Miller in Almaty, Kazakhstan.
Tengiz is the Central Asian country’s biggest producing field. The Kazakh venture plans to spend $5 billion to $6 billion drilling in the next five years to sustain output. TengizChevroil will invest $1 billion of that amount on three to four wells this year, Miller said on Feb. 14.
TengizChevroil produced 25.8 million metric tons of crude last year, or almost 565,000 barrels a day, a decline of about 0.4 percent from 2010, according to the Kazakh venture’s website.
Chevron, based in San Ramon, California, holds 50 percent of the TengizChevroil venture, while Exxon Mobil Corp. owns 25 percent, state-controlled KazMunaiGaz National Corp. has 20 percent, and OAO Lukoil has 5 percent.
The venture exports oil via the Caspian Pipeline Consortium to the Russian port of Novorossiysk on the Black Sea, and via the Batumi and Kulevi ports in Georgia.
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