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Wednesday, December 12, 2018

Yes! Another Post On Chevron And Kazakhstan -- December 12, 2018

The Tengiz in Kazakhstan is linked at the sidebar.

Two recent posts on this subject:
I'm posting this again because it provides more data points regarding Kazakhstan. Data points from oilprice:
  • Chevron, 2019 CAPEX; first annual increase since the 2014 oil price crash
  • most of Chevron's investment geared toward short-cycle projects (i.e., shale)
  • Tengiz field, western Kazakhstan steppe: Chevron to invest $4.3 billion in 2019 in the Future Growth Project
  • Chevron "holds 50% in the operator of the Tengiz field, Tengizchevroil (TCO)
  • other shareholders:
    • Kazakhstan's state-held energy firm KazManayGas, 20%
    • ExxonMobil Kazakhstan, 25%
    • LukArco, 5%
  • the numbers are a little hard to figure out, but eventually, the field should produce one million boepd (compare to Bakken currently producing 1.3 million bbls crude oil per day)
  • Tengiz expansion
    • ultimate total cost estimate: $36.8 billion
    • Tengiz: deepest producing supergiant oil field
    • Tengiz: largest single-trap producing reservoir in existence
    • 2018: $3.7 billion
  • for Chevron: two pillars for CAPEX spending
    • US shale
    • Tengiz, Kazakhstan field expansion
  • for the Permian, in contrast: $3.6 billion
  • for other US shale plays: $1.6 billion
  • total 2019 CAPEX: $5.2 billion vs $4.3 billion in 2018

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