November 6, 2019 / 3:12 AM / 15 days ago

Kazakh energy minister says new Tengiz expansion cost too high

NUR-SULTAN, Nov 6 (Reuters) - Kazakhstan considers the new, increased cost of the Tengiz oilfield expansion project too high and wants Chevron and ExxonMobil to review it, Energy Minister Kanat Bozumbayev said on Wednesday.

“Generally, we told them that in our opinion the sum is too high,” he told reporters, referring to announcements from the oil majors that cost overruns would balloon project expenses by 25% to $45.2 billion. (Reporting by Tamara Vaal; Writing by Olzhas Auyezov; Editing by Tom Hogue)

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