(Finance) – Chevronan important US oil company, has announced that its affiliate at 50 percent Tengizchevroil LLP (TCO) has started the production of oil at its future growth project (FGP) located in the oil field of Tengiz in Kazakhstan. The expansion of the FGP aims to increase the production of crude oil oil of 260,000 barrels per day in full capacity.
“The first oil at the Future Growth Project is the last of a series of development goals, including in the Gulf of Mexico and the Permian, which should significantly increase the free cash flow For the company and generate value for the shareholders Chevron, “said Mark Nelson, vice -president of Chevron.
The oilfield of Tengiz, located in Western Kazakhstan, is classified as the deepest supergiant oil oil in the world and the largest existing single trap production deposit.
Tengizchevroil LLP is one partnership Kazakh owned by Chevron, 50 percent; Kazmunaygas, 20 percent; Exxonmobil25 percent; And Lukil, 5 percent.