Tengizchevroil's Payments To Kazakhstan Reach $222 Billion Since Inception

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 3. Tengizchevroil (TCO) has contributed approximately $222 billion in direct financial payments to Kazakh entities since its inception in 1993, the company reported. Of that total, roughly $10.2 billion was funneled into the Kazakh economy during the first nine months of 2026.

According to the company, the total includes taxes and royalties paid to the state, tariffs and fees paid to state-owned companies, profit distributions to the Kazakh shareholder, purchases of Kazakh goods and services, and salaries paid to Kazakh employees.

TCO reported that its cumulative spending on Kazakh goods and services reached approximately $53.5 billion since 1993. In the first nine months of 2026, the company allocated around $1.3 billion for these purchases.

The company also noted that Kazakh citizens account for 96% of its workforce, compared to 50% in 1993.

Tengizchevroil operates within a licensed area covering 2,500 square kilometers (approximately 1,600 square miles). The area includes the supergiant Tengiz field, the smaller but still substantial Korolev field, and several prospective exploration areas.

Tengizchevroil was established on April 6, 1993, as a joint venture between Kazakhstan and US company Chevron. The partnership's ownership structure is as follows: Chevron - 50%; ExxonMobil - 25%; KazMunayGas - 20%; and LUKOIL - 5%.

Tengiz, one of the world's deepest-producing supergiant oil fields, was discovered in 1979. Estimated oil in place at the Tengiz field amounts to 3.1 billion metric tons (approximately 25 billion barrels), while the Korolev field is estimated to contain 200 million metric tons (approximately 1.6 billion barrels) of oil.

The total recoverable crude oil reserves of the Tengiz and Korolev fields amount to 1.4 billion metric tons (approximately 11 billion barrels).

MENAFN03112026000187011040ID1111907980