U.S. oil major Chevron Corp. (CVX) said Tuesday its $6 billion expansion project in Kazakhstan is pumping 90,000 barrels a day and is expected to hit full capacity later this year.
The Tengiz expansion is one of Chevron's most difficult projects and has been hit by delays and added costs, about double since the project was first conceived several years ago.
Chevron said current output at Tengiz, in western Kazakhstan, is about 400,000 barrels a day, and production was slated to hit 540,000 barrels a day later this year, a company spokesman said.
Tengiz is one of the most difficult oil projects in the world because of the high and dangerous levels of sulfur, which must be stripped out of the crude and processed for safe disposal. The challenges of doing such work, along with added costs for equipment and government bureaucratic hurdles, have delayed start-up of Chevron's Tengiz expansion by many months.
Chevron has a 50% interest in Tengizchevroil. Other partners are KazMunaiGas with 20%; ExxonMobil Kazakhstan Ventures Inc. with 25% and LUKArco with 5%.
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