BAKU, Azerbaijan, December 9
By Nargiz Sadikhova - Trend:
Tengizchevroil (TCO) has reached a major milestone in its 28-year history by producing over 500 million tonnes (4 billion barrels) of crude oil since the creation of the joint venture in 1993, Trend reports citing the company.
Since inception, TCO has achieved a series of successive production milestones through its consistent focus on safe and reliable operations, ongoing investments in its facilities and the application of the latest technologies for Kazakhstan. In its first year of operations, TCO’s oil production was approximately 1 million tons per year. By the end of 2020, annual production had increased to 26.5 million tons accounting for approximately 35 percent of total crude oil production in the Republic of Kazakhstan.
TCO’s record of performance to-date has helped fuel the country’s economic progress with over $158 billion in direct financial payments made to Kazakhstani entities and $39.3 billion spent on local goods and services. During 28 years of operations, the company has created approximately 310,000 jobs across Kazakhstan.
TCO has continuously invested in enhancing local capabilities in drilling, production operations, health and safety, reservoir stimulation, and other skills areas, some of which did not exist in Kazakhstan at the time of the company’s founding.
Since 2000, TCO has invested more than $3 billion to date in environmental protection activities, of which approximately $1.5 billion has been invested in projects to reduce total emissions, including greenhouse gases.
Over the same period, total air emissions intensity has decreased by 71 percent, while flaring has decreased by 68 percent since 2017.
TCO’s Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP) expansion will help create a legacy of a trained skilled workforce, new facilities, technology transfer through partnerships between Kazakhstani and international companies, and upgraded infrastructure in the region.