C.I.S. JOINT VENTURES SHOW PROGRESS

Chevron Corp. and the Kazakhstan Republic last week signed a joint venture agreement to develop Tengiz and Korolev oil fields on the northeastern Caspian Sea coast in western Kazakhstan. The 50-50 venture will spend $1.5 billion in the first 3 years and $20 billion during the 40 year life of the project. Present production of 60,000 b/d will increase to 700,000 b/d by 2010. The two fields hold as much as 25 billion bbl, of which 6-9 billion bbl are recoverable.

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