Kazakhstan presents revenues from its largest oil field

Baku, Azerbaijan, Nov. 16

By Rashid Shirinov – Trend:

Kazakhstan has received $132 billion since the start of development of its Tengiz oil and gas field in Atyrau region, Kazakh media reported with reference to the field operator Tengizchevroil.

"From 1993 to September 2018, Tengizchevroil’s direct financial payments to Kazakhstan amounted to more than $132 billion, including salaries of Kazakh employees, purchases of goods and services of domestic producers and suppliers, and payments to state-owned enterprises," the message says.

This amount also includes dividend payments in the form of taxes and royalties transferred to the state budget. In January-September 2018, direct payments to Kazakhstan exceeded $7.2 billion.

Founded in 1993, Tengizchevroil is a joint venture developing, producing and marketing oil and related products from the Tengiz and Korolev oil and gas fields. The shareholders of Tengizchevroil are Chevron (50 percent), ExxonMobil (25 percent), KazMunayGas (20 percent) and LukArco (5 percent).

As many as 21.5 million tons (171.3 million barrels) of oil were produced in the Tengiz field in January-September 2018. In the first three quarters of the year, Tengizchevroil sold more than 1 million tons of liquefied gas, 6.9 billion cubic meters of dry gas, and 1.8 million tons of sulfur.

The recoverable oil reserves of Tengiz and Korolevskoye fields range from 890 million to 1.37 billion tons.

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Follow the author on Twitter: @ShirinovRashid

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