/IRBIS, Oct.3, 00/ - REUTERS informs, with the reference to national oil and gas company Kazakhoil, that the biggest oil producer of Kazakhstan, Tengizchevroil will extract 12 mln tons of oil in 2001.

It is said that the corporations Chevron, ExxonMobil, LukArco and Kazakhoil completed the construction of a new technological line at Tengizchevroil with 2.5 mln ton a year capacity, which is believed to increase the production of Tengizchevroil to 12 mln tons next year, and possible further increases.

This year Tengizchevroil is expected to produce 10.4 mln tons of oil.

The participants of the project expect oil production to reach 32 mln tons a year in 2017, and now, they plan to reach this production level in 2010, with 17 mln tons a year production during 2004-2005, is said.

Total production can be increased up to 1 bln tons if new processing plant was built, new gas pumping technologies were used and simultaneously geological and exploration works were done at the sites that are in the licensed territory.

Tengizchevroil is believed to be one of the biggest taxpayers of the country, with its tax payments reaching $100 mln last year, and expected at $360 mln this year.

The ownership of Tengizchevroil is distributed as follows: Chevron has 50% of shares, Kazakhstan - 20%, ExxonMobil - 25%, and LukArco (Joint Russian-British company between Russian LUKOIL and British BP Amoco) has 5%.

The Kazakhoil is said to represent the interests of Kazakhstan in this project. Tengiz deposit site is believed to have 9 bln barrels of oil.