Tengizchevroil Makes Significant Impact On Dev't Of Kazakhstan's Economy - Kazmunaygas

(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.


Trend News Agency

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