Tengizchevroil produces 13 mln tons of oil in H1 2014

By: Aynur Jafarova

Kazakhstan’s Tengizchevroil (TCO) LLP has produced about 13 million tons (104 million barrels) of crude oil in the first half of 2014.

This figure stood at 13.9 million tons (108.7 million barrels) in the same period last year, TCO said.

Kazakhstan, one of the five Central Asian countries, is rich with hydrocarbon reserves. The Tengiz oil field was discovered in 1979. It is one of the deepest and largest oil fields in the world. Its oil reserves are estimated at 750 million to 1.1 billion tons (6-9 billion barrels) of recoverable oil.

The Tengiz field is developed by the TCO. The TCO is engaged in developing Kazakhstan’s Tengiz and Korolev oil fields involved in the exploration, development, production and marketing of crude oil and related products. The company is the largest oil producer in Kazakhstan, founded on April 6, 1993 by the Kazakh president and the Chevron Company.

TCO shareholders are Chevron (50 percent), KazMunaiGas (20 percent), ExxonMobil (25 percent) and LukArco (5 percent).

TCO currently supplies oil all around the world mainly via the Caspian Pipeline Consortium (CPC) system. Its marketing policy is based on three important points: oil transportation safety, reliability of terminals and refineries that receive Tengiz’s oil, and export diversification.

TCO exports crude oil through various routes; it exports oil to Novorossiysk via the CPC pipeline, and to Odessa, Taman, Aktau and further to Batumi and Kulevi, via a railway. The direct payments to Kazakhstan amounted to $7.7 billion in the first half of 2014.

Tengizshevroil, the largest oil producing enterprise in Kazakhstan, produced around 27.1 million tons of oil in 2013, which was 8 percent more compared to 2012.

SOURCE: AZER NEWS