Kazakh Tengizchevroil announces results of its activity in Q1 of 2014
Astana, Kazakhstan, May 15
By Daniyar Mukhtarov - Trend:
Kazakhstan's Tengizchevroil (TCO) LLP produced around 6.8 million tonnes (55 million barrels) of crude oil in the first quarter of 2014.
'TCO sold 326,000 tonnes of liquefied gas and 1.7 billion cubic meters of dry gas during the reporting period," the company said.
TCO exports oil through various routes; it exports oil to Novorossiysk via the CPC pipeline, and to Odessa, Taman, Aktau and further to Batumi and Kulevi, via a railway.
TCO sold 885,000 tonnes of sulfur in the first quarter of 2014, which accounts for 152 percent of 583,000 tonnes produced during the same period, according to the company.
TCO sells four types of high quality sulfur mainly to Mediterranean Sea countries and Central Asia, including Kazakhstan, Russia, Ukraine and China.
The Tengiz field, discovered in 1979, is one of the largest and deepest oil fields in the world.
Tengizchevroil LLP was created on April 6, 1993, on the basis of the agreement signed between Kazakhstan and Chevron. Currently, the partners of the TCO LLP are: Chevron - 50 percent, KazMunaiGas - 20 percent, ExxonMobil Kazakhstan Ventures Inc. - 25 percent and LukArko JV - 5 percent.
The recoverable oil reserves of the Tengiz and Korolev fields range from 750 million tonnes to 1.1 billion tonnes (from six billion to nine billion barrels). The total prospective reserves of the Tengiz collector are estimated at three billion tonnes (26 billion barrels) and 190 million tonnes (1.5 billion barrels) at the Korolev field.
Tengizshevroil LLP completed the project of sour gas Injection and second generation plant in 2008. As a result, the daily oil production reached around 75 million tonnes, or 600,000 barrels, while the daily natural gas production hit 22 million cubic meters, or 750 million cubic feet .
Edited by C.N.