Chevron to spend $6-$8 bln on new Tengiz project

Wed Feb 15, 2012 9:27am EST

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Feb 15 (Reuters) - Giant oil company Chevron Corp said Wednesday that it and its partners would spend $6 billion to $8 billion on the planned expansion at the Tengiz Field in Kazakhstan, where it is the largest producer.

Chevron's Tengizchevroil LLP affiliate is expected to begin front-end engineering and design for the expansion project, which could increase its output there by 250,000 to 300,000 barrels of oil per day upon completion.

Chevron owns a 50 percent interest Tengizchevroil, while KazMunaiGas owns 20 percent, Exxon Mobil Corp owns 25 percent and LUKArco owns 5 percent.

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