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Oil production operations at major Kazakhstan's Tengiz field continue

Oil&Gas Materials 17 April 2020 12:08 (UTC +04:00)
Oil production operations at major Kazakhstan's Tengiz field continue

BAKU, Azerbaijan, Apr. 17

By Nargiz Sadikhova - Trend:

Production operations by Tengizchevroil (TCO) company, which develops Kazakhstan’s major Tengiz oil and gas field, continue as normal, Trend reports with reference to S&P Global Platts.

The report said that Kazakhstan's largest source of crude oil, the Tengiz field, is producing according to plan, and work continues on a major expansion project while steps are being taken to address a coronavirus outbreak among workers.

As Chevron, the parent company of TCO, told S&P Global Platts, it was still too early to speculate whether a coronavirus outbreak at the site might delay completion of the expansion project, but the partners were aiming to stick to the existing timetable.

When asked whether there was any impact from Kazakhstan's involvement in production cuts within OPEC+, Chevron said that TCO is focused on safe and reliable operations and continues to produce according to the business plan approved by the company's shareholders.

"Like many other companies in Kazakhstan and around the world, TCO continues to work through challenging circumstances and take prudent measures to protect the health and safety of the workforce and to minimize the impact of COVID-19 on our business. Currently, TCO production operations continue as normal," the company said.

The Tengiz oil field was discovered in 1979 and is one of the biggest and deepest oil fields in the world. The total explored reserves of Tengiz reach 3.2 billion tons, while recoverable reserves range from 890 million tons to 1.37 billion tons.

In 1993, Tengizchevroil LLP, which is the project operator, was established on the basis of an agreement between Kazakhstan and Chevron. Presently, Tengizchevroil includes Chevron (50 percent), ExxonMobil Kazakhstan Ventures Inc. (25 percent), KazMunayGas (20 percent) and LukArco (5 percent).

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