(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, June 6. Tengizchevroil
(TCO, a joint venture between Kazakhstan and Chevron) has a
significant impact on the development of Kazakhstan's economy, said
Chairman of the Board of KazMunayGas (KMG, Kazakhstan's national
oil and gas company) Askhat Khassenov, Trend reports.
He made the remark during a meeting with Tengizchevroil CEO
Kevin Lyon.
"For KazMunayGas, Tengizchevroil is a strategic asset that has a
significant impact on the development of the country's economy," he
said.
During the meeting, the parties also discussed current relevant
aspects of Tengizchevroil's work. In particular, issues of
production activity, increasing Kazakhstani content, and the
development and nationalization of personnel were raised.
To note, Tengizchevroil, a joint venture between Kazakhstan and
Chevron, manages the Tengiz field in the meantime. In 1979,
scientists discovered Tengiz, the world's deepest-producing
super-giant oil field. Kazakhstan and Chevron formed the
Tengizchevroil (TCO) partnership on April 6, 1993.
The estimated amount of oil in place in the Tengiz field is 3.1
billion metric tons (25 billion barrels) and 200 million metric
tons (1.6 billion barrels) in the Korolev field, where
Tengizchevroil also produces. Estimates place the total recoverable
crude oil in the Tengiz and Korolev fields at 1.4 billion metric
tons (11.5 billion barrels).
Meanwhile, crude oil production by TCO, a joint venture between
Kazakhstan and Chevron, amounted to 7.5 million tons (59.8 million
barrels) from January through March 2024. Compared to the first
quarter of 2023 (7.35 million tons), production volume
increased.
At the same time, in the first quarter of 2024, TCO sold 333,000
tons of liquefied gas and more than 748,000 tons of sulfur.
In addition, in the first quarter of 2024, TCO produced and
supplied more than 333 million cubic meters of dry gas to the
Kazakhstan gas pipeline network. TCO supplies nearly all of its
produced dry gas to the domestic market.
Furthermore, in total, since the beginning of TCO's operations,
more than 570 million tons of oil and 300 billion cubic meters of
gas have been produced.
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