From: Justin Burke (JBurke@sorosny.org)
Date: Wed May 17 2000 - 10:06:17 EDT
CHEVRON TO ACQUIRE 5% TENGIZCHEVROIL STAKE FROM KAZAKH GOVERNMENT
ASTANA, KAZAKHSTAN. May 17 (Interfax) - America's Chevron has
reached agreement with the government of Kazakhstan on purchase of a 5%
state stake in the Tengizchevroil, the joint venture developing the
Tengiz oil field in western Kazakhstan.
A price of roughly $450 million for the stake was discussed at the
talks, a high-ranking government official told Interfax on Wednesday.
However, the final price has not been agreed.
The final decision on the sale rests with the Finance Ministry's
Committee for Management of State Property and Privatization.
Kazakhstan and Chevron formed Tengizchevroil in April 1993 on a 50-
50% basis to develop the Tengiz and Korolevskoye fields for a 40-year
period. Oil production at Tengiz began in 1994. Total reserves in both
fields are estimated at 25 billion barrels of oil, of which 6 billion -
9 billion barrels are recoverable.
Tengizchevroil produced 8.3 million tonnes of oil in 1998 and 9.5
million tonnes in 1999. It plans to produce roughly 10.6 million tonnes
this year, 11.7 million tonnes in 2001 and 12 million tonnes in 2002.
Production has been rising at a rate of 40% a year.
Chevron currently owns a 45% interest, Mobil and state oil company
Kazakhoil each have 25% and Russian-American LukArco has 5%.
|
