5 Aug 2024 13:21

Caspian Pipeline Consortium transported 16 mln tonnes of oil from Kazakhstan's Tengiz field in H1

MOSCOW. Aug 5 (Interfax) - Caspian Pipeline Consortium transported around 16 million tonnes of oil from the Tengiz field in Kazakhstan in January-July 2024.

CPC said in a press release that its General Director, Nikolai Gorban, met with Lory Sasko, General Manager, Marketing and Transportation, Tengizchevroil LLP, in Atyrau, Kazakhstan on August 5.

"The parties discussed fulfillment of the current and future nominations for transporting crude oil from Tengiz field via Tengiz-Novorossiysk crude pipeline, taking into account the ongoing repair work at the field in 2024," it said.

They also discussed progress with Tengizchevroil's Future Growth Project - Wellhead Pressure Management Project (FGP - WPMP), intended to increase oil production.

CPC has updated its forecast for oil transportation in 2024 due to an anticipated drop in shipments by consignors, from 70 tonnes to 65.2 million tonnes, with Tengiz supplying 7.9 million tonnes less than originally requested.

The CPC transported and exported 63.47 million tonnes of oil in 2023, up 8.1% from 2022. The 2024 target is more than 70 million tonnes.

The 1,511 km CPC pipeline connects oil fields in western Kazakhstan and Russian fields on the Caspian shelf with the marine terminal in Novorossiysk. The system is the main export route for Kazakh oil, accounting for more than 80% of Kazakhstan's volumes pumped through the pipeline.

CPC's shareholders are the Russian Federation with 31%, with Transneft managing 24% and 7% on the balance sheet; KazMunayGas with 19%; Kazakhstan Pipeline Ventures LLC with 1.75%; Chevron Caspian Pipeline Consortium Company with 15%; Lukoil International GmbH with 12.5%; Mobil Caspian Pipeline Company with 7.5%; Rosneft-Shell Caspian Ventures Limited with 7.5%; BG Overseas Holding Limited at 2%; Eni International N.A. N.V. S.ar.l. with 2%; and Oryx Caspian Pipeline LLC with 1.75%.