Kazakhstan's budget to benefit from Tengiz Field Expansion Revenues in 2025

By Alimat Aliyeva

The Government of Kazakhstan plans to compensate for the decrease in revenues of the republican budget in 2025, in particular, through a project to increase production at the Tengiz field, Azernews reports.

"Despite the decrease in revenue forecasts for 2025 by 3% compared to the current year, we expect an increase of 3 trillion tenge from the current year. This will be achieved primarily due to economic growth, including at the expense of TCO (Tengizchevroil is the operator of the Tengiz field), due to the future expansion project (Tengiz field), we expect 1.4 trillion tenge [$2.8 billion]," Takiyev said in parliament.

Projects for the future expansion of production and wellhead pressure management (PBR-PUD) at the Tengiz field will increase production by 12 million tons per year. The projects were originally planned to be completed at the end of 2022, but due to delays in the work schedule, the deadlines were adjusted, and the cost of the projects increased from $ 45.2 billion to $ 46.7 billion.
At the end of April 2024, Tengizchevroil launched the PUUD facilities. The second PBR project is planned to be completed by the second quarter of 2025.

The participants of Tengizchevroil LLP are Chevron (50% stake), ExxonMobil Kazakhstan Ventures Inc (25%), Kazakhstan through KazMunayGas (20%), LUKOIL (5%).