Tengizchevroil’s increase in crude output
ASTANA, June 1, 2015 – General director of Chevron-led Kazakh oil company Tengizchevroil Tim Miller announced on Monday that the company’s oil output has increased by 4.4 percent to 7.1 million tonnes in the first quarter of this year.
Tengizchevroil is the largest oil company in the country and is involved in the development of western Kazakhstan’s Tengiz onshore field. The company aims to increase output by 42 percent to 38 million tonnes by 2021. In 2014, the company produced 26.7 million tonnes of oil.
The company has made contributions to the Kazakh government since its inception in 1993. “Direct payments to the Republic of Kazakhstan in this quarter totalled $3 billion. Since 1993, TCO’s paid $106.9 billion to the Republic of Kazakhstan,” Miller highlighted in his speech to the country’s parliament.
Tengizchevroil was formed between the Kazakh government and Chevron specifically for the exploration and production of the country’s Tengiz oilfield. The company is owned by Chevron (50 percent), Exxon Mobil (25 percent), state-owned oil company KazMunaiGas (20 percent) and Russia’s Lukoil (5 percent).