Tengiz field is a giant oil reservoir located in northwestern Kazakhstan’s that covers around 2500 km area. It also includes the Korolev field that’s another significant reservoir. Since its discovery in 1979, it is regarded as one of the most significant discoveries in the world.
Its surface area is more than that of even a few countries, and it’s providing the world with millions of barrels of oil each year. It’s not only producing crude oil but natural gas and natural gas liquids as well. In 2018, it produced around 270,000 barrels of oil every day, as well as 387 million cubic feet of gas as well.
Chevron aims to expand this project and increase production so that there is no shortage of gas or oil anywhere in the world. For this reason, they have launched the project known as the integrated Future Growth Project-Wellhead Pressure Management Project.
The goal of starting this project is to expand this oil and gas field to maximize the total production and increase the recovery of resources. They are using the latest technology and are adopting the best practices to increase daily production and to keep it that way. They have not made new plants, but have enabled the existing plants to give maximum output.
Both fields are located east of the Caspian Sea. This project is also helping the country’s economy as not only its generating significant revenue but has produced a lot of jobs as well. They are using local goods and services and have launched the TCO Small, and Medium Business Loan Program increase more opportunities to use local products and services. They are giving interest-free loans to small businesses and entrepreneurs. So, far they have given 9 million dollars to companies like MontazhSpetsStroy JSC (MSS). They are working with this company to improve the firm’s environment and health.
They are providing significant benefits to the country economically and socially. The project is expected to create around 20,000 job opportunities over its lifespan. So, it’s appropriate to say that the project is of extreme importance to the country as well as the world.