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Kazakhstan’s Tengizchevroil increases oil production

Oil&Gas Materials 1 June 2015 15:36 (UTC +04:00)

Baku, Azerbaijan, June 1

By Elena Kosolapova - Trend:

The largest oil producing enterprise of Kazakhstan, Tengizchevroil company produced 7.1 million metric tons (56.7 million barrels) of oil in Q1 of 2015, said the message from the company.

The company produced 6.8 million metric tons (55 million barrels) of oil in Q1 of 2014.

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.

During the reporting period, TCO sold 350,000 metric tons of liquefied gas and 1.86 billion cubic meters of dry gas, said the message.

Moreover, the company sold 910,000 metric tons of sulfur in Q1 of 2015.

The company sells four types of high-quality sulfur to purchasers from many countries.

Direct payments from TCO to Kazakhstan's budget totaled $3 billion in Q1 of 2015. The company obtained over $680 million worth goods and services of Kazakh suppliers in Q1 of 2015.

Tengizchevroil LLP was founded in 1993, on the basis of the agreement signed between the government of Kazakhstan and Chevron Corporation to develop Tengiz field.

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

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).

Edited by SI

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Follow the author on Twitter: @E_Kosolapova

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