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Tengizchevroil recognized as world leader in reducing gas flaring

Oil&Gas Materials 16 November 2012 19:33 (UTC +04:00)

Kazakhstan, Astana, Nov 16 /Trend D. Mukhtarov/

The achievements of Kazakhstan Tengizchevroil (TCO) in reducing gas flaring were highlighted in London, at the Global Forum on Flaring Reduction & Gas Utilization for Development, TCO said.

"The Global Partnership for gas flaring reduction of World Bank recognizes TCO as a world leader in reducing flaring through successfully implemented project on gas utilization, allowing the company to fulfill obligations on completion of gas flaring," the statement said.

Since 2000 the company has reduced emissions from the burning of gas by more than 94 percent, increasing the production of crude oil by 147 percent over the same period.

"Thanks to the support of our partners and the Government of the Republic of Kazakhstan, the TCO successfully complete gas utilization project on schedule and at the same time significantly increases the production with the launch of the second generation plant and sour gas facility. Gas utilization project demonstrates our commitment to meet the environmental performance of world-class and is part of our overall program of investment in environmental protection, the implementation of which the TCO spent more than $2.2 billion since 2000," CEO of TCO Tim Miller said.

The Tengiz field was discovered in 1979 and is one of the deepest oil fields in the world. Tengizchevroil was established In April 1993 following the signing of an agreement between the Kazakh government and Chevron Corporation. Currently, TCO shareholders are Chevron with 50 per cent, KMG with 20 per cent, ExxonMobil with 25 per cent and LukArco with five per cent.

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