TCO Future Growth Project: production to increase by 12mln tons per annum

The Ministry of Energy revealed the current status of the Tengizchevroil Future Growth Project, Kazinform News Agency reports.

According to the Ministry, TCO expects that its production will increase by 12 million tons per year as part of implementation of the Future Growth Project/Wellhead Pressure Management Project. The project is now at the final stage of implementation. The actual costs of the project make $46 billion, with the overall progress of work at 99.4%. The main construction works were completed in 2023. Systems Completion and commissioning works are underway, the Ministry reported.

In September 2023, TCO announced the planned overall increase in project cost and schedule shift, after which TCO, together with its partners, held a seminar on Cost and Schedule Risk Assessment.

"Based on the results of the seminar, TCO sent a request to partners to approve a new project cost to the amount of $48.9 billion (an increase by $2.2 billion), providing for the postponement of the launch of WPMP facilities to the 2nd quarter of 2024 (from December 2024), and FGP facilities — to the 2nd quarter of 2025 (from June 2024). The increase in the project budget is linked mainly to the underestimation of the volume of work at the commissioning stage, and the scale of the facilities launched," the Ministry added.