Tengizchevroil increases oil production in Kazakhstan
By Aynur Karimova
Kazakhstan's Tengizchevroil Company has increased oil production by up to 14.07 million tons (112.3 million barrels) in January-June 2015, representing an 8.2 percent increase compared to the same period of last year.
The company reported that it produced 677,000 tons of liquefied natural gas (an increase by 7.9 percent) and 3.64 billion cubic meters of dry gas (an increase by 10.3 percent) in the reported period.
In the first six months of 2015, Tengizchevroil's direct payments to Kazakhstan's budget decreased by 32.5 percent and amounted to $5.2 billion.
Kazakhstan, one of the five Central Asian states, is rich with hydrocarbon reserves. The Tengiz oil field was discovered in 1979 and is one of the deepest and largest oil fields in the world. Its oil reserves are estimated at between 750 million and 1.1 billion tons (6-9 billion barrels) of recoverable oil.
The Tengiz field is being developed by the TCO. The TCO is also engaged in developing Kazakhstan's Korolev oil field, and is involved in the exploration, development, production and marketing of crude oil and related products. The company is the largest oil producer in Kazakhstan, founded in April 1993 by the Kazakh president and the Chevron Company as an LLP.
TCO shareholders are Chevron (50 percent), KazMunaiGas (20 percent), ExxonMobil (25 percent), and LukArco (5 percent).
The 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.
The company 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 railway.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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