Tengizchevroil produced record amounts of oil in 2013

Astana, Kazakhstan, Feb.25

By Daniyar Mukhtarov - Trend:

The Kazakh Tengizchevroil (TCO) Company produced 27.1 million tons of oil at the end of 2013, the company reported on Feb. 25.

'TCO set a production record to a volume of 27.1 million tons of oil in 2013 as a result of capital investment for provision of equipment reliability. This was ultimately reflected in the increase of power production efficiency at the level of best world practice and stable production growth rates of production', the report said.

This resulted in the total payments of the company to the Kazakh budget being made up $15 billion, which is the new record of Tengizchevroil.

TCO exports crude oil through a variety of transport routes. It exported crude oil via the CPC pipeline to Novorossiysk, via rail to Odessa and Taman, as well as to Aktau, then further on to Batumi and Kulevi.

"The company sold 1.4 million metric tonnes of LPG and 7.1 billion cubic meters of dry gas in 2013," the company said.

Furthermore, TCO sold 3.85 million metric tonnes of sulphur which is 161 percent of the 2.4 million metric tonnes produced for the same period.

TCO's premium sulphur is sold in four different forms to customers in many countries, including Kazakhstan, Russia, Ukraine, China and other countries primarily in the Mediterranean and Central Asia regions.

'TCO has spent over $2.3 billion on Kazakhstani goods and services in 2013', the report noted.

As was previously said, the Kazakh Government has approved the process flow chart for Tengiz in 2013 and also a Memorandum of Understanding was signed. The current measures are further steps for implementation of the Future Expansion Project (FEP) / Wellhead Pressure Management Project (WPMP) implementation.

The Tengiz Adoption Technology deposit scheme and signing of the Memorandum of Understanding are historical events for TCO and Kazakhstan. The production capacity of the company will increase by 12 million tons per year as a result of the future expansion of the project's implementation.

Tengiz, the world's deepest producing super giant oil field discovered in 1979.
The Tengizchevroil (TCO) partnership was formed on April 6, 1993, between the Republic of Kazakhstan and Chevron. Current partners are Chevron, 50 percent; KazMunaiGas, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent and LukArco B.V., five percent.

Total recoverable crude oil in the Tengiz and Korolev fields is estimated at 750 to 1.1 billion metric tonnes (six to nine billion barrels). Estimated oil in place at the Tengiz field is three billion metric tonnes (26 billion barrels) with 190 million metric tonnes (1.5 billion barrels) at the Korolev field. The circumference of the Tengiz reservoir is large, measuring 20 kilometres (12 miles) by 21 kilometres (13 miles).

Edited by S.M.

Translated by S.I.

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