Kazakh Tengizchevroil decreases oil production in 2011

Oil&Gas Materials 30 January 2012 14:52 (UTC +04:00)

Azerbaijan, Baku, Jan. 30 / Trend E. Kosolapova/

Tengizchevroil (TCO), which is developing oil fields in Kazakhstan, has slightly decreased oil production in 2011, the company reported on Monday.

The company produced 25.8 million tons of crude oil (206.2 million barrels) in 2011, compared to 25.9 million tons (207 million barrels) produced in 2010.

The Tengizchevroil partnership was formed in 1993 between the Republic of Kazakhstan and Chevroil company. Current partners are Chevrol (50 percent), Kazakh National Company KazMunaiGas (20 percent), ExxonMobil Kazakhstan Inc.(25 percent) and LukArco B.V. (5 percent).

Tengizchevroil develops Tengiz and Royal fields in the Atyrau region in western Kazakhstan. Total recoverable crude oil reserves at Tengiz and Korolev field through April 2033 is from 750 million to 1.1 billion metric tons (6-9 billion barrels).

TCO completed the expansion in the third quarter of 2008 which brought daily capacity to 75,000 metric tons (600,000 barrels) of crude oil per day and 22 million cubic meters (750 million standard cubic feet) of gas per day.

TCO exports crude oil via Caspian Pipeline Consortium pipeline to Novorossiysk, via rail to Odessa and Feodosiya, as well as to Aktau, then futher to Batumi and Kulevi.