Tengiz likely to increase oil production by 12 mln tons annually

"The significance of the deposit can not be overestimated. TengizChevroil produces 26 million tons of oil annually. This is almost one-third of the Kazakhstan's oil production. In the future the Tengiz oil field has great prospects for increasing production. A project for future expansion is considered inside the company. It will add another 12 million tons per year," the Minister noted.

"Next year or maybe even at the end of this year the project will be presented to the Ministry of Oil and Gas," Mynbayev said.

"In case the project is implemented, in addition to the increase in oil production, it will create about 10 thousand jobs. Purchases of Kazakh goods and services will grow. The project will contribute significantly to the economic development of the region," he emphasized.

The meeting dedicated to the 20 anniversary of the first commercial oil production at the Tengiz field, was held to celebrate the 20th anniversary of Independence of Kazakhstan.