Kazakh Tengizchevroil company interested in diversification of oil export routes

Kazakh Tengizchevroil company interested in diversification of oil export routes

Baku, Azerbaijan, Dec.23
By Elena Kosolapova - Trend:

Kazakhstan's Tengizchevroil (TCO) company is interested in the diversification of oil export routes, the company's Deputy General Manager for Government Affairs and Public Relations David McInnis told Trend on Dec.23.

" TCO's ongoing crude oil marketing strategy is focused on maintaining diversified transportation options so as to provide for safe, reliable and cost-effective market access that meets its customer's needs," he said.

He didn't specify the promising routes and refused to comment on commercial matters citing the confidentiality of information.

TCO always looks to maximize its return on product sales so as to benefit its owners, including the Republic of Kazakhstan, according to McInnis.

TCO operates in the license area in Kazakhstan which covers the super-giant Tengiz field and Korolev field, as well as several promising areas for exploration.

The recoverable reserve of Tengiz and Korolev fields is estimated at 750 million - 1.1 billion metric tons of oil. The total proven reserve in drilled and undrilled areas of Tengiz field collector is forecasted to hit 3.1 billion metric tons, or 26 billion barrels. The oil reserve of Korolev field is estimated at 188 million metric tons, or 1.5 billion barrels, which accounts for one-sixth of Tengiz field's reserve.

TCO exports oil via various routes. The major part of oil is delivered by the company to Novorossiysk via the pipeline of the Caspian Pipeline Consortium and to Odessa, Taman, Aktau and further to Batumi and Kulevi via a railway and then to Europe through the Black Sea.

Additionally, the transportation of Tengiz oil via Baku-Tbilisi-Ceyhan pipeline was resumed in 2013.

The volume of oil produced by TCO totaled 27.1 million metric tons (216 million barrels) in 2013. This is the record volume of production in the company's history. The company's oil production volume equaled 19.8 million metric tons (158 million barrels) in Jan.-Sept. 2014.

The shareholders of TCO are KazMunaiGas national oil and gas company of Kazakhstan (20 percent), Chevron Overseas (50 percent), ExxonMobil (25 percent) and LukArko (five percent).

---

Follow the author on Twitter: @E_Kosolapova

Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan, Tajikistan eye increasing trade turnover
Uzbekistan, Tajikistan eye increasing trade turnover
Azerbaijani and Tajik FMs discuss situation on Azerbaijani-Armenian border
Azerbaijani and Tajik FMs discuss situation on Azerbaijani-Armenian border
Loading Bars
Latest
Bronze monument to world-famous Azerbaijani singer to be ready in a month - Trend TV
Command-staff exercises start in Azerbaijan’s Nakhchivan garrison (PHOTO/VIDEO)
EBRD loan portfolio in Azerbaijan shrinks
Iran reveals volume of crude oil to be transported via Goureh-Jask pipeline
Iran, Italy to expand economic ties – FM
Saudia Airlines eyes return to profitability by 2024
Azerbaijan Innovations Export Consortium eyes to expand co-op with Turkic-speaking countries
EBRD's net profit declines in 2020
Activity of Heydar Aliyev Foundation today covers all important spheres of life in Azerbaijan - Russian MP
Novatek to complete Arctic LNG-2 construction one year earlier
Kazakhstan boosts trade with Turkmenistan despite COVID-19
Turkish ŞINLAK HOLDING eyes building solar power plant in Kazakhstan
Uzbek-Chinese JV opens tender for welding electrodes
Turkmenistan's Turkmengas opens tender for purchase of chemical products
Iran's FM discussing international issues with Pope (PHOTO)
Turkmenistan’s Railways open tender for construction of railway station
Azerbaijan's oil exports decline in 4M2021
Uzbek-Chinese JV opens tender for electrical spares parts
France, Germany and Spain strike deal over joint combat jet
Iran’s Bahar Azadi gold coin price again falling
Azerbaijan reports sharp increase in 4M2021 gas exports
Uzbek currency rates for May 18
Uzbekistan Railways notes decrease in net loss
Azerbaijan Economy Ministry cancels requirement of several taxpayers for non-cash payments
EBRD approves working capital loan to Kazakhstan companies operating chromium mine
WTL talks construction of DC, SDA units at Turkmenbashi Complex of Oil Refineries
Uzbekistan, S. Korea eye enhancing bilateral co-op in public security
Kyrgyz Republic’s SMEs Sector to Benefit from ITFC’s US $4 Million Line of Trade Financing Facility
Iran unveils production data of steel products
Germany implementing pilot agricultural project in Azerbaijan
Azerbaijan announces number of citizens vaccinated on May 17
Azerbaijan's 4M2021 revenues from gasoline, diesel retails disclosed
Azerbaijan confirms 426 more COVID-19 cases, 515 recoveries
Iran has potential to become hub for home appliances export
Railway freight traffic between Kazakhstan, Lithuania grows despite COVID-19
Russia ready to assist Armenia, Azerbaijan in border delimitation issue - FM
Volume of Georgian wine exports and its value up
Iran continues to import COVID-19 vaccines
Majority of mobile communication operators in world to support eSIM by 2025 - GSMA Association
Several types of COVID-19 vaccines delivered in Turkmenistan
Active work underway on construction of Pskem HPP in Uzbekistan
Uzbekneftegaz repairs unit for gas purification from sulfur at Mubarek Oil & Gas Production dep’t
Money transfers to Georgia up in April 2021
Lithuania looks to resume regular flights to Kazakhstan - ministry
Kazakhstan boosts mining of iron ores
Unemployment rate down in Azerbaijan
Turkish ambassador meets with head of Turkey-Azerbaijan Interparliamentary Friendship Group (PHOTO)
Baku Boulevard to remain open during 2021 F1 Azerbaijan Grand Prix competition - Baku City Circuit
‘Nar’ team progresses to semifinal in ‘Brain Ring’
Value of chargeable services rendered to Nakhchivan's population in 4M2021 drops
Turkmenistan‘s Turkmenbashi oil refinery develops its industrial potential
Value of Azerbaijan's 4M2021 industrial production down
Kazakhstan’s Pavlodar Oil Chemistry Refinery to buy valves via tender
Indian Shilpa Medicare signs deal to produce Sputnik V
Petrochemical plants to be put into operation in Iran
Kazakhstan boosts imports of Belgium-made goods
EU agrees partial truce with U.S. over Trump tariffs
Dubai eases COVID-19 restrictions, allows full hotel capacity
Azerbaijan announces 4M2021 investments in fixed assets
Azerbaijan to hold auction for shares of joint stocks companies
Azerbaijan announces tasks for using renewable energies in electricity production
Georgia's electronics market shrinking
Cargo transportation volumes surge in Kazakhstan
GPON-based technology being introduced in villages of Azerbaijan (PHOTO)
Iran anticipates another JCPOA Joint Commission Meeting - MFA
No alternative to implementation of trilateral statement on Karabakh - Russian president
Azerbaijan preparing to vaccinate citizens with Russian 'Sputnik V' COVID-19 vaccine
Convention on simplification of customs procedures enters into force for Uzbekistan
Iranian Oil Minister talks about exports, contracts in oil sector
GSMA predicts growth in number of mobile service users in Azerbaijan by 2025
Polish company eyes producing packaging materials for automotive industry in Uzbekistan
Iran reveals COVID-19 data for May 17
Weekly review of Georgian's capital markets (May 10 through May 14)
Azerbaijan continues military exercises, with extensive use of maps (VIDEO)
Iran’s trade turnover with UK announced
Kyoto Convention enters into force in Turkmenistan
Investment in Iran's industrial sector increases
Georgian microfinance organizations reveal data on their profits
SOCAR Ukraine resumes premium fuel sales
Turkmenistan introduces changes to customs system
Azerbaijan's Nakhchivan Autonomous Republic sees annual increase in GDP
Train in Iowa hauling hazardous materials derails, catches fire
BTA announces extension of bicycle roads in Baku
Iran to determine condition of its joint oil fields with other countries
Armenian side reacting inadequately to process of clarifying border - President Aliyev
Azerbaijan's Nakhchivan reveals 4M2021 cargo transportation data
Weekly review of Azerbaijani precious metals market
Azerbaijan continues mine clearance in liberated lands
Saudi Arabia lifts quarantine requirement for COVID vaccinated foreign visitors
Three people killed after knife attack in Urals
FGP-WPMP implementation progresses at Kazakhstan’s Tengiz field
India's Cumulative Vaccination Coverage Crosses 18 Crore Mark: Centre
Azerbaijani Nakhchivan's 4M2021 manufacturing value of agricultural products grows
Crude production at Kazakhstan’s Tengiz revealed for 1Q2021
Investment proposal submitted for White Dragon project involving TAP
Georgia reports 504 new cases of coronavirus for May 17
Uzbekneftegaz updates electricity supply systems at Shurtan oil and gas production dep’t
Kazakhstan-Romania trade down amid COVID-19
Weekly review of Azerbaijani currency market
Iran shares data on trade turnover with US
All news