Tengizchevroil produces 2 billion barrels of oil

Azerbaijan, Baku, Nov. 19 / Trend E. Kosolapova/

Tengizchevroil has produced 2-billion barrels (250,626,566 tones) of oil since 1993, the company reported on Monday.
"This great achievement is the result of the dedication of everyone who has worked at TCO", Tengizchevroil General Director Tim Miller said.

According to Miller, TCO has made significant investments in the Tengiz and Korolev fields in the past 20 years.

"And we will continue to invest in critical areas such as safety and environmental performance, facility reliability and technology that will allow us to improve our operational performance. We will also continue to invest in the social infrastructure, capacity and capability of local business as well as our own employees," Miller said.

According to TCO Deputy General Director Anuarbek Jakiyev, starting from 1993 to October, 2012 the company made direct financial payments of $72.3 billion to Kazakh entities, including Kazakh employees' salaries, purchases of Kazakh goods and services, tariffs and fees paid to state-owned companies, profit distributions to Kazakh shareholders, taxes and royalties paid to the government.

"Kazakhstani citizens hold 86 percent of TCO positions, compared to 50 percent in 1993." Jakiyev said.

TCO crude production in January - October 2012 hit 158.6 million barrels (19.88 million tons). The Tengiz and Korolev fields have the potential for an estimated 6-9 billion barrels (750 million to 1.1 billion tones) of recoverable oil. Estimated original oil in the drilled and un-drilled parts of the Tengiz field is about 26 billion barrels (3 billion tones), with 1.5 billion barrels (190 million tones) in the Korolev field.

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.