Kazakhstan announced the start of a phased resumption of production at the giant Tengiz oil field, with expectations of reaching full production capacity within a week. This follows a temporary shutdown that caused a loss of approximately 7.2 million barrels of oil.
The shutdown occurred after three unexplained electrical fires at the field earlier this month, leading to a temporary suspension of operations.
Talks with ‘Chevron’ to prevent recurrence of such incidents
The Kazakh government stated that during a meeting with Derek Magness, Executive Director of Chevron’s Eurasia Business Unit, First Deputy Prime Minister Roman Sklyar expressed concern about the incidents at the field and their impact on production.
The government statement added that Chevron’s management provided an explanation of the measures taken to address the consequences of the incidents, along with a plan to gradually increase production. They confirmed their commitment to taking specific steps to prevent the recurrence of such incidents and ensure the safe and reliable operation of the facilities.
Kazakhstan
Kazakhstan is a Central Asian nation with a rich nomadic history, historically inhabited by Turkic tribes and later part of the Mongol Empire and the Russian Empire before becoming a Soviet republic. It gained independence in 1991 following the dissolution of the USSR. Culturally, it is known for traditions like eagle hunting, yurt dwellings, and its significant role along the ancient Silk Road trade routes.
Tengiz oil field
The Tengiz oil field is a major onshore oil field located in northwestern Kazakhstan, discovered in 1979. It is one of the world’s deepest and largest supergiant fields, with production beginning in 1991 following the collapse of the Soviet Union and expanding significantly through a series of international joint ventures.
Chevron
Chevron is a major American multinational energy corporation, originally founded in 1879 as the Pacific Coast Oil Company. It grew through mergers, most notably with Standard Oil of California, and today is one of the world’s largest integrated oil and gas companies.
Eurasia Business Unit
The Eurasia Business Unit is not a specific place or cultural site but a corporate or organizational division typically used by multinational companies to manage operations across Europe and Asia. Its history is tied to the globalization of business, emerging as a strategic framework to oversee diverse markets, supply chains, and regional partnerships in these continents.
