Tengizchevroil Consortium looks for alternative ways to export oil

Oil&Gas Materials 5 September 2013 13:39 (UTC +04:00)

Azerbaijan, Baku, Sep. 5 / Trend E. Kosolapova/

The Tengizchevroil Consortium which develops Tengiz and Korolev oil fields in Kazakhstan is looking for alternative ways to export its oil, the KAZENERGY Association reported with the reference to TCO CEO Tim Miller.

In particular Tengizchevroil plans to resume oil transportation through the Baku-Tbilisi-Ceyhan (BTC) pipeline which were stopped in 2008. TCO continues negotiating with the State Oil Company of Azerbaijan (SOCAR) and BTC consortium on this issue, Miller said.

Moreover within its diversification policy, TCO intends to resume oil supplies to the Asian markets. Miller did not specify which route would be used to transport oil to these markets.

Currently Tengizchevroil supplies oil all around the world mainly via the Caspian Pipeline Consortium (CPC) system.

According to Miller, TCO's marketing policy is based on three important points: oil transportation safety, reliability of terminals and refineries taking the Tengiz oil and export diversification.
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.