Cost escalations by 25% would push up the total cost of the expansion to $45.2 billion, an unacceptable figure for Kazakhstan.

On Wednesday, Kazakhstan’s Energy Minister Kanat Bozumbayev stated, the cost escalation in the expansion of the Tengiz oilfield project is too high and Chevron and ExxonMobil should revise their estimates.

“Generally, we told them that in our opinion the sum is too high,” said Bozumbayev, in reference to announcements from the said oil companies that cost overruns would balloon project expenses by 25% to $45.2 billion.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

Tags: Chevron, cost escalation, cost overun, energy, energy minister, estimates, expansion, ExxonMobil, Kanat Bozumbayev, Kazakhstan, oil, revise, Tengiz oilfield