BAKU, Azerbaijan, Aug. 12
By Nargiz Sadikhova - Trend:
Kazakhstan’s Tengizchevroil company (TCO) has extracted 14.2 million tons of crude oil in 1H2020 compared to 14.9 million in 1H2019, Trend reports with reference to TCO.
In 1H2020, TCO sold over 725,000 metric tons of LPG, 3.9 billion cubic meters of dry gas and over 1.3 million tons of sulfur compared to 672,000 metric tons of LPG, 4 billion cubic meters of sales gas and over 1.3 million tons of sulfur in 1H2019.
During the first six months of 2020, direct payments to Kazakhstan totaled $3.9 billion compared to more than $5.6 billion in 1H2019.
In the reporting period, TCO spent $2 billion on Kazakh goods and services, including $1.4 billion for FGP-WPMP ($2.1 billion on Kazakh goods and services, including over $1.6 billion for FGP-WPMP in 1H2019).
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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