Azerbaijan, Baku, Oct. 24 / Trend E. Kosolapova/
BP has agreed new terms to allow US major Chevron to resume exports of crude oil from Kazakhstan to world markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline managed by the UK company, Nefte Compass reported.
"Tengizchevroil confirms that it signed a contract with Cross Caspian Oil and Gas Logistics for crude oil transportation services and, in parallel, a BTC transportation agreement. This further diversifies TCO's transportation options in support of its efforts to optimize crude oil export capacity and costs so as to best meet its customers' needs," TCO said in a statement to Nefte Compass.
Cross Caspian Oil and Gas Logistics is a joint venture between State Oil Company of Azerbaijan SOCAR and local rail forwarder AzTransRail.
Chevron has four cargoes in the November loading schedule for the Turkish Mediterranean port of Ceyhan, with the first, due to load on Nov. 1-3, already sold to Norway's Statoil, trading sources say.
Chevron briefly exported some of its Tengiz output via BTC before deciding in early 2010 it could get better netbacks elsewhere.
The Tengiz field, opened in 1979 in the west of Kazakhstan, is one of the deepest and largest oil fields in the world. Total estimated reserves amount to three billion tons (26 billion barrels).
Tengiz field is operated by the Tengizchevroil consortium (TCO), a joint venture established in April 1993 based on an agreement signed between the Kazakh government and Chevron.
Tengizchevroil partners are Chevron - 50 per cent, KMG - 20 per cent, ExxonMobil - 25 per cent and LukArko - five per cent.