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Texaco account card news: Chevron venture 'to invest $15bn in Kazakh oil field'

25 January, 10
Texaco account card users have been told that a venture run by its parent company will spend billions of dollars on increasing production at a field in Kazakhstan.

TengizChevroil, which is led by US energy giant Chevron, said it will invest $15.2 billion (£9.4 billion) in the Tengiz field, which is the country's highest-producing oil field, the Houston Chronicle reported.

It will see output at the site boosted to 36.4 million tonnes per year by 2016, according to a speech posted on the official website of KazMunaiGaz, which is a part of the Chevron venture.

Over the past 12 months, the field's production was increased by 30 per cent to 22.53 million tonnes.

Other members of the Kazakh venture are ExxonMobil and Lukarco, which respectively hold 25 per cent and five per cent of the project.

Last week, TengizChevroil told Reuters: "We are working to continue to expand production from our existing facilities as well as on opportunities to invest in expansion projects."

Posted by Sean Webb

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Texaco account card news: Chevron venture 'to invest $15bn in Kazakh oil field'