TENGIZSHEVROIL (Kazakstan) up will increase oil production

/IRBIS, Oct.06, 99/ - According to REUTERS, which cites the Chairman of Chevron Eurasian branch Nike Zana, TENGIZSHEVROIL is going to increase oil production to 260.000 barrels per day from the present 220.000 barrels before the middle of 2000. There is plan of production increasing to 370.000 barrels at 2004. The partners investments in TENGIZSHEVROIL during the following four years will make about $3 billions. Investments will targeted on the two large projects concerning production quantity and quality increase. Chevron, owning now 45% of TENGIZSHEVROIL shares, negotiates with the Kazakhstan Government for increase its share to 50% purchasing a part of the state shares. The Chevron partners are: the Kazakhstan Government (25% of shares), Mobil company (25%), joint venture of the USA company Arco and Russian company Lukoil (5%). The reserves of Tengis deposit are estimated from six to nine billion barrels.