A business meeting of CPC General Director Nikolay Gorban and Tim Miller, Chevron Eurasia Subdivision General Director, and Michael Kraly, Project Director, TCO Future Growth Project was held in Atyrau on April 4, 2018.
The participants of negotiations discussed the progress of third phase of TCO expansion. At the Project Director’s invitation, CPC General Director plans to visit Tengiz field where the construction work is in progress to expand the production capacities with involvement of over 40,000 persons.
TCO currently produces more than 28 M tons of oil from Tengiz field. It was communicated earlier, that the project to increase the crude production from Tengiz field would be completed by 2022.
In the course of the meeting, Nikolay Gorban pointed out: “It is supposed that delivery of additional volumes of oil from Tengiz to begin in 2022, increasing by 12 M tons per year. Respective technical solutions will allow to accept those volumes”.
For reference:
CPC pipeline system is one of the largest investment projects in the energy industry with participation of foreign capital on the CIS territory. The length of the pipeline connecting the oil fields in Western Kazakhstan with the Marine Terminal near Novorossiysk is 1,511 km. CPC Marine Terminal is equipped with single point moorings which allow for safe tanker lifting at a considerable distance from the shore, also when the weather conditions are unfavorable.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7 %) – 31%; Republic of Kazakhstan (represented by KazMunayGaz – 19% and Kazakhstan Pipeline Ventures LLC – 1.75%) – 20.75%; Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. – 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft-Shell Caspian Ventures Limited – 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2% и Oryx Caspian Pipeline LLC – 1.75%.