CHEVRON'S PROJECT: $36.8 BLN
CHEVRION published: SAN RAMON, Calif.--(BUSINESS WIRE)--Jul. 5, 2016-- Chevron Corporation (NYSE:CVX) today announced that its 50 percent owned affiliate, Tengizchevroil (TCO), will proceed with the development of its Future Growth and Wellhead Pressure Management Project (FGP-WPMP), which will increase crude oil production at the Tengiz oil field in Kazakhstan by about 260,000 barrels per day.
"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."
"This project builds on the successes of prior expansions at Tengiz and is ready to move forward," said Jay Johnson, executive vice president, Upstream, Chevron Corporation. "It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services."
FGP-WPMP is currently estimated to cost $36.8 billion, which includes $27.1 billion for facilities, $3.5 billion for wells and $6.2 billion for contingency and escalation.
The project will raise TCO's total production to approximately 1 million barrels of oil equivalent per day. WPMP maximizes the value of existing TCO facilities by extending the production plateau and keeping existing plants producing at full capacity. FGP will use state-of-the-art sour gas injection technology, successfully developed and proven during TCO's previous expansion in 2008, to enhance oil recovery. First oil is planned for 2022.
Chevron is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. More information about Chevron is available at www.chevron.com.
|October, 19, 11:30:00|
|October, 19, 11:25:00|
|October, 19, 11:20:00|
|October, 19, 11:15:00|
|October, 19, 11:10:00|
|October, 19, 11:05:00|
PLATTS - Norwegian natural gas exports to the UK jumped to their highest in six months Wednesday as consistently high UK prices incentivized flows normally only reserved for wintry periods.
AZERNEWS - The estimated cost of construction of nuclear power plant of Russian design in Uzbekistan will be about $ 11 billion, the launch of the first power unit has been planned for 2028, the Aide to the President of the Russian Federation Yury Ushakov said.
SHANA - Managing Director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati said the supply of one billion cubic meters per day of natural gas by National Iranian Gas Company (NIGC) was one of the goals of the company by 2021.
WNN - China and Belgium have signed a framework agreement on cooperation in the peaceful use of nuclear energy. The agreement was one of several accords signed in Brussels yesterday during a meeting between Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel.