World of Oil ///

On Sept. 25, Chevron announced its consortium in Kazakhstan reached full production at Tengiz Field, increasing its oil output capacity to 540,000 bpd. The latest increase at the Chevron-led Tengizchevroil project comes after the consortium increased capacity at the field earlier this year to 400,000 bpd from about 310,000 bpd. Chevron has a 50% stake in Tengizchevroil with partners KazMunaiGaz (20%), ExxonMobil (25%) and LUKArco (5%). A BP-led group resumed oil production at one of its two Azeri offshore platforms shut in after a gas leak in September. BP will not be able to completely restore oil production from its Azeri fields until the end of October and will keep pumping at decreased capacity. The platform resumed production of 600,000 bpd instead of the usual 900,000 bpd. Iraqi Oil Minister Hussain al-Shahristani gave details in mid-October of the country’s first-ever licensing round.

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