Kazakh Tengizchevroil decreases oil production by 1.5 percent in Jan.–Sept.
Baku, Azerbaijan, Nov. 20
By Elena Kosolapova - Trend:
Kazakhstan's largest oil producer Tengizchevroil decreased oil production by 1.5 percent in January- September 2014 compared to the same period of 2013, the company said on Nov. 20.
The company produced 19.8 million metric tons of oil (158 million barrels) in this period.
Liquefied natural gas sales decreased by 5 percent to 950,000 metric tons and dry gas sales fell by 3.8 percent to 5.1 billion cubic meters in the first three quarters.
Direct payments to Kazakhstan decreased by 3.5 percent to $10.9 billion in the reporting period compared to 11.3 billion in the same period of 2013.
TCO exports oil through various routes; mail oil export goes to Novorossiysk via the Caspian Pipeline Consortium's pipeline, and via railway to Odessa, Taman, Aktau and further to Batumi and Kulevi.
Tengizshevroil, the largest oil producing enterprise in Kazakhstan, produced around 27.1 million tons of oil as of 2013, which is eight percent more than in 2012. The company conducts production at the Tengiz field discovered in 1979.
Tengiz is one of the deepest and largest oil fields in the world.
Tengizchevroil LLP was founded on April 6, 1993, on the basis of the agreement signed between Kazakhstan and Chevron Corporation. Currently, the partners of the TCO LLP are: Chevron - 50 percent, KazMunaiGas - 20 percent, ExxonMobil - 25 percent and LukArko - five percent.
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