CPC suspends intake of oil from Tengiz field owing to excess stock amid suspended shipments at marine terminal

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CPC suspends intake of oil from Tengiz field owing to excess stock amid suspended shipments at marine terminal

MOSCOW. Feb 22 (Interfax) - The Caspian Pipeline Consortium (CPC) has suspended the intake of oil from the Tengiz field, and has stopped pumping oil to the tank farm of the marine terminal in Novorossiysk, the CPC said in a statement.

"As on February 22, 2023, the intake of oil into the CPC system from the Tengiz field at the Tengiz OPS, Republic of Kazakhstan, was halted owing to excess stock. Oil pumping to the tank farm of the CPC marine terminal was stopped. Oil intake at the Atyrau OPS, Kazakhstan, and at the Komsomolskaya OPS, Russia, is operating at reduced modes," the CPC said in the statement.

The CPC halted oil shipments at its marine terminal on February 19 owing to adverse weather conditions, the company said on Tuesday.

"The tank farm at the CPC marine terminal is practically full with about 1 million tonnes of oil. Oil is being received from consignors at the remaining tanks on the linear part of the oil pipeline and at the terminal's tank farm," the CPC said.

The Tengiz oil and gas field is one of the largest in Kazakhstan, with oil reserves totaling 3.2 billion tonnes, and it is located in the country's western Atyrau region. The CPC in 2022 transshipped 29 million tonnes of oil from the field out of overall transshipments totaling 58.7 million tonnes.

The CPC operates the Tengiz-Novorossiysk pipeline, which is 1,511 kilometers long with the capacity to carry 67 million tonnes of crude per year. The pipeline is the main export route for Kazakh oil, accounting for more than 80% of the country's oil exports. It transported 58.7 million tonnes of oil in 2022, 3.3% less than in 2021.

CPC shareholders are the Russian Federation represented by Transneft (trust management) - 24%, CPC Company - 7%, KazmunayGas - 19%, Kazakhstan Pipeline Ventures LLC - 1.75%, Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. - 12.5%, Mobil Caspian Pipeline Company- 7.5%, Rosneft-Shell Caspian Ventures Limited- 7.5%, BG Overseas Holding Limited- 2%, Eni International N.A. N.V. S.ar.l. - 2% and Oryx Caspian Pipeline LLC - 1.75%.